SiTime Corporation $SITM Shares Sold by Forge First Asset Management Inc.

Forge First Asset Management Inc. trimmed its holdings in shares of SiTime Corporation (NASDAQ:SITM) by 57.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,670 shares of the company’s stock after selling 16,030 shares during the period. Forge First Asset Management Inc.’s holdings in SiTime were worth $2,489,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in SITM. Ameriprise Financial Inc. lifted its stake in shares of SiTime by 17.0% during the first quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company’s stock worth $92,233,000 after purchasing an additional 87,598 shares in the last quarter. Geode Capital Management LLC lifted its position in SiTime by 11.2% during the 2nd quarter. Geode Capital Management LLC now owns 506,400 shares of the company’s stock worth $107,918,000 after acquiring an additional 51,063 shares in the last quarter. Alliancebernstein L.P. lifted its position in SiTime by 2,016.8% during the 1st quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock worth $67,756,000 after acquiring an additional 422,288 shares in the last quarter. Wellington Management Group LLP boosted its holdings in SiTime by 41.9% in the 1st quarter. Wellington Management Group LLP now owns 277,590 shares of the company’s stock worth $42,435,000 after acquiring an additional 82,017 shares during the period. Finally, Eventide Asset Management LLC grew its position in SiTime by 5,015.9% in the first quarter. Eventide Asset Management LLC now owns 166,214 shares of the company’s stock valued at $25,408,000 after acquiring an additional 162,965 shares in the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on SITM shares. Roth Capital restated a “buy” rating and issued a $350.00 target price on shares of SiTime in a research note on Thursday, November 6th. Barclays upped their price objective on shares of SiTime from $220.00 to $260.00 and gave the company an “underweight” rating in a research report on Thursday, November 6th. UBS Group lifted their target price on SiTime from $355.00 to $375.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Needham & Company LLC boosted their price target on SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Finally, Raymond James Financial restated an “outperform” rating and set a $270.00 price objective (up previously from $250.00) on shares of SiTime in a research note on Friday, August 29th. Five investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $329.17.

SiTime Stock Down 5.0%

Shares of NASDAQ:SITM opened at $255.49 on Wednesday. The firm has a 50-day simple moving average of $290.08 and a 200 day simple moving average of $238.70. SiTime Corporation has a fifty-two week low of $105.40 and a fifty-two week high of $386.00. The company has a market cap of $6.67 billion, a PE ratio of -86.31 and a beta of 2.36.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.16. SiTime had a negative return on equity of 5.69% and a negative net margin of 25.18%.The firm had revenue of $83.57 million for the quarter, compared to analyst estimates of $78.08 million. During the same period last year, the company earned $0.40 earnings per share. The firm’s revenue for the quarter was up 44.8% on a year-over-year basis. As a group, research analysts forecast that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Rajesh Vashist sold 10,000 shares of the company’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $329.00, for a total value of $3,290,000.00. Following the completion of the sale, the chief executive officer owned 439,208 shares in the company, valued at $144,499,432. This represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Samsheer Ahamad sold 3,811 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $255.03, for a total transaction of $971,919.33. Following the transaction, the insider owned 58,077 shares of the company’s stock, valued at approximately $14,811,377.31. This trade represents a 6.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 44,867 shares of company stock valued at $12,458,213. Corporate insiders own 2.30% of the company’s stock.

SiTime 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.