SiTime Corporation $SITM Shares Sold by Castleark Management LLC

Castleark Management LLC lowered its holdings in shares of SiTime Corporation (NASDAQ:SITM) by 47.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,784 shares of the company’s stock after selling 15,770 shares during the period. Castleark Management LLC’s holdings in SiTime were worth $6,142,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Rakuten Securities Inc. grew its holdings in shares of SiTime by 188.5% during the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after buying an additional 49 shares during the last quarter. Parallel Advisors LLC raised its stake in SiTime by 26.2% during the 1st quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 16 shares during the last quarter. Larson Financial Group LLC raised its stake in SiTime by 3,200.0% during the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock valued at $30,000 after acquiring an additional 96 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in SiTime during the 4th quarter worth approximately $33,000. Finally, Danske Bank A S acquired a new stake in SiTime during the 4th quarter worth approximately $35,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SITM has been the topic of a number of recent research reports. UBS Group boosted their target price on SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Friday, July 17th. Roth Capital reiterated a “buy” rating and issued a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Stifel Nicolaus boosted their price objective on shares of SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $800.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, SiTime has an average rating of “Moderate Buy” and a consensus target price of $661.88.

SiTime Price Performance

SITM opened at $554.46 on Monday. The business has a 50 day simple moving average of $667.85 and a 200-day simple moving average of $515.04. The stock has a market capitalization of $14.64 billion, a P/E ratio of -548.97 and a beta of 2.91. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.30. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The firm had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. SiTime’s quarterly revenue was up 88.3% on a year-over-year basis. Research analysts anticipate that SiTime Corporation will post 3.23 EPS for the current year.

Insider Buying and Selling

In other news, CEO Rajesh Vashist sold 5,000 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $750.00, for a total value of $3,750,000.00. Following the completion of the transaction, the chief executive officer owned 9,781 shares in the company, valued at $7,335,750. This trade represents a 33.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Torsten Kreindl sold 710 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $720.00, for a total transaction of $511,200.00. Following the completion of the sale, the director owned 13,141 shares of the company’s stock, valued at $9,461,520. This trade represents a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 69,709 shares of company stock valued at $50,230,546 in the last quarter. Corporate insiders own 1.40% of the company’s stock.

SiTime Company Profile

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime’s products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company’s timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.