Castleark Management LLC Grows Holdings in SiTime Co. (NASDAQ:SITM)

Castleark Management LLC raised its holdings in SiTime Co. (NASDAQ:SITM) by 25.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,442 shares of the company’s stock after purchasing an additional 7,680 shares during the quarter. Castleark Management LLC owned 0.16% of SiTime worth $8,247,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in SITM. Invesco Ltd. boosted its stake in SiTime by 11.0% in the 4th quarter. Invesco Ltd. now owns 983,175 shares of the company’s stock worth $210,921,000 after purchasing an additional 97,062 shares during the period. Hood River Capital Management LLC grew its position in SiTime by 27.0% in the fourth quarter. Hood River Capital Management LLC now owns 421,960 shares of the company’s stock worth $90,523,000 after acquiring an additional 89,632 shares in the last quarter. Emerald Advisers LLC bought a new position in shares of SiTime during the 4th quarter valued at about $18,673,000. Capital World Investors bought a new stake in shares of SiTime in the 4th quarter worth approximately $17,654,000. Finally, Driehaus Capital Management LLC boosted its position in SiTime by 24.2% during the fourth quarter. Driehaus Capital Management LLC now owns 385,325 shares of the company’s stock valued at $82,664,000 after buying an additional 75,192 shares during the period. Institutional investors own 84.31% of the company’s stock.

SiTime Trading Up 0.3%

Shares of SITM opened at $206.54 on Wednesday. SiTime Co. has a 12-month low of $105.40 and a 12-month high of $268.18. The business’s 50 day moving average is $159.86 and its 200 day moving average is $190.87. The company has a market capitalization of $4.90 billion, a PE ratio of -51.00 and a beta of 2.24.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 7th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.15. SiTime had a negative return on equity of 10.12% and a negative net margin of 46.18%. The company had revenue of $60.31 million for the quarter, compared to the consensus estimate of $54.01 million. During the same period in the previous year, the business earned ($0.08) earnings per share. The firm’s revenue for the quarter was up 82.7% on a year-over-year basis. Equities research analysts predict that SiTime Co. will post -2.44 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SITM shares. Needham & Company LLC raised their price target on shares of SiTime from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Raymond James reaffirmed an “outperform” rating and issued a $250.00 price target (up previously from $215.00) on shares of SiTime in a research report on Thursday, February 6th. Barclays lifted their price objective on SiTime from $110.00 to $135.00 and gave the stock an “underweight” rating in a report on Thursday, May 8th. Finally, Stifel Nicolaus boosted their target price on shares of SiTime from $180.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat, SiTime currently has a consensus rating of “Moderate Buy” and an average target price of $215.00.

Insiders Place Their Bets

In other news, insider Fariborz Assaderaghi sold 1,268 shares of SiTime stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $184.92, for a total transaction of $234,478.56. Following the completion of the sale, the insider now directly owns 112,316 shares in the company, valued at approximately $20,769,474.72. This trade represents a 1.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rajesh Vashist sold 20,000 shares of SiTime stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $210.65, for a total transaction of $4,213,000.00. Following the sale, the chief executive officer now owns 490,320 shares of the company’s stock, valued at $103,285,908. The trade was a 3.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,074 shares of company stock valued at $5,408,421 in the last three months. Corporate insiders own 2.10% of the company’s stock.

SiTime Company Profile

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.