Lazard Asset Management LLC Purchases 5,661 Shares of SiTime Corporation $SITM

Lazard Asset Management LLC boosted its position in SiTime Corporation (NASDAQ:SITM) by 865.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 6,315 shares of the company’s stock after purchasing an additional 5,661 shares during the period. Lazard Asset Management LLC’s holdings in SiTime were worth $2,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in SITM. Principal Financial Group Inc. raised its stake in SiTime by 3.9% in the 4th quarter. Principal Financial Group Inc. now owns 363,953 shares of the company’s stock valued at $128,545,000 after acquiring an additional 13,577 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in SiTime by 1,368.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,259 shares of the company’s stock valued at $1,151,000 after purchasing an additional 3,037 shares during the last quarter. Stephens Investment Management Group LLC bought a new position in SiTime during the first quarter worth about $24,135,000. FengHe Fund Management Pte. Ltd. bought a new position in SiTime during the fourth quarter worth about $45,346,000. Finally, Berkshire Capital Holdings Inc. bought a new position in SiTime during the fourth quarter worth about $2,889,000. 84.31% of the stock is currently owned by institutional investors.

SiTime Price Performance

SITM stock opened at $535.20 on Monday. The firm has a market capitalization of $14.13 billion, a PE ratio of -529.90 and a beta of 2.91. SiTime Corporation has a twelve month low of $186.49 and a twelve month high of $901.81. The stock has a 50-day simple moving average of $647.50 and a two-hundred day simple moving average of $520.90.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $103.51 million. During the same period in the prior year, the business posted $0.26 earnings per share. The company’s revenue was up 88.3% on a year-over-year basis. On average, equities research analysts anticipate that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Insider Activity at SiTime

In other SiTime news, Director Akira Takata sold 1,500 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total value of $1,291,290.00. Following the sale, the director directly owned 12,234 shares in the company, valued at $10,531,761.24. This represents a 10.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,709 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $731.49, for a total transaction of $1,250,116.41. Following the completion of the transaction, the insider directly owned 81,436 shares of the company’s stock, valued at approximately $59,569,619.64. The trade was a 2.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 69,709 shares of company stock valued at $50,230,546 in the last quarter. 1.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on SITM. Roth Capital reissued a “buy” rating and issued a $900.00 price target on shares of SiTime in a research report on Thursday, May 7th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $800.00 price objective on shares of SiTime in a report on Thursday, May 7th. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Stifel Nicolaus boosted their target price on shares of SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, UBS Group increased their target price on SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, SiTime currently has an average rating of “Moderate Buy” and an average price target of $661.88.

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.