SBI Securities Co. Ltd. Cuts Holdings in SiTime Corporation $SITM

SBI Securities Co. Ltd. lowered its position in SiTime Corporation (NASDAQ:SITM) by 83.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 126 shares of the company’s stock after selling 618 shares during the quarter. SBI Securities Co. Ltd.’s holdings in SiTime were worth $45,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of SiTime by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock worth $997,904,000 after purchasing an additional 61,336 shares during the period. Invesco Ltd. grew its holdings in shares of SiTime by 1.8% during the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after purchasing an additional 18,165 shares during the period. State Street Corp increased its position in SiTime by 3.7% during the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock worth $194,176,000 after purchasing an additional 32,178 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in SiTime by 22.0% in the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after buying an additional 132,948 shares during the period. Finally, Wellington Management Group LLP raised its holdings in SiTime by 36.8% in the third quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock valued at $162,027,000 after buying an additional 144,671 shares during the period. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Stock Down 6.0%

SITM opened at $847.19 on Wednesday. The firm’s 50 day moving average is $449.88 and its 200-day moving average is $382.86. SiTime Corporation has a 52-week low of $186.49 and a 52-week high of $901.81. The firm has a market capitalization of $22.37 billion, a P/E ratio of -838.80 and a beta of 2.91.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business had revenue of $113.57 million during the quarter, compared to analyst estimates of $103.51 million. During the same period last year, the business earned $0.26 EPS. The business’s revenue was up 88.3% on a year-over-year basis. Equities analysts expect that SiTime Corporation will post 1.31 earnings per share for the current fiscal year.

Insider Buying and Selling at SiTime

In other news, insider Piyush B. Sevalia sold 2,419 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the completion of the sale, the insider directly owned 84,250 shares in the company, valued at $40,781,212.50. This trade represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Raman Chitkara sold 501 shares of SiTime stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $425.03, for a total value of $212,940.03. Following the sale, the director directly owned 21,508 shares in the company, valued at approximately $9,141,545.24. The trade was a 2.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 10,966 shares of company stock valued at $4,641,757 in the last ninety days. Insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SITM shares. Stifel Nicolaus boosted their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $400.00 to $850.00 in a report on Thursday, May 7th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $800.00 price target on shares of SiTime in a research report on Thursday, May 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research report on Tuesday, April 21st. Finally, Needham & Company LLC boosted their price objective on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $661.88.

SiTime 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.