Styrax Capital LP Makes New Investment in SiTime Corporation $SITM

Styrax Capital LP bought a new position in SiTime Corporation (NASDAQ:SITM) in the 4th quarter, HoldingsChannel.com reports. The fund bought 90,108 shares of the company’s stock, valued at approximately $31,825,000. SiTime makes up approximately 2.4% of Styrax Capital LP’s investment portfolio, making the stock its 12th largest position.

Several other hedge funds and other institutional investors have also bought and sold shares of SITM. Norges Bank purchased a new stake in SiTime in the fourth quarter worth approximately $83,977,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of SiTime during the fourth quarter valued at approximately $59,452,000. Wellington Management Group LLP boosted its stake in shares of SiTime by 36.8% during the third quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock valued at $162,027,000 after purchasing an additional 144,671 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of SiTime by 22.0% during the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after purchasing an additional 132,948 shares during the period. Finally, FengHe Fund Management Pte. Ltd. purchased a new stake in shares of SiTime during the fourth quarter valued at approximately $45,346,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Stock Down 7.8%

Shares of SITM stock opened at $684.86 on Wednesday. The stock has a fifty day moving average of $632.70 and a 200 day moving average of $458.76. 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 $18.08 billion, a price-to-earnings ratio of -678.08 and a beta of 2.94.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 EPS 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 company had revenue of $113.57 million during the quarter, compared to analyst estimates of $103.51 million. During the same quarter last year, the firm posted $0.26 earnings per share. The firm’s revenue was up 88.3% on a year-over-year basis. Equities research analysts anticipate that SiTime Corporation will post 3.23 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Zacks Research raised SiTime from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Wall Street Zen raised SiTime from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. The Goldman Sachs Group reissued a “buy” rating and set a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Roth Mkm reissued a “buy” rating and set a $900.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Finally, UBS Group increased their price objective on SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $661.88.

Insider Buying and Selling

In related news, Director Torsten Kreindl sold 710 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $720.00, for a total value 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,000 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $702.90, for a total value of $702,900.00. Following the completion of the sale, the insider directly owned 78,936 shares of the company’s stock, valued at $55,484,114.40. The trade was a 1.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 74,624 shares of company stock valued at $52,399,813 over the last three months. Insiders own 1.40% of the company’s stock.

About SiTime

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.