Quantum Private Wealth LLC Purchases Shares of 973 SiTime Corporation $SITM

Quantum Private Wealth LLC purchased a new position in shares of SiTime Corporation (NASDAQ:SITM) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 973 shares of the company’s stock, valued at approximately $207,000.

Several other hedge funds also recently modified their holdings of SITM. Alliancebernstein L.P. increased its position in shares of SiTime by 2,016.8% in the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock valued at $67,756,000 after acquiring an additional 422,288 shares during the last quarter. American Century Companies Inc. acquired a new position in shares of SiTime during the 2nd quarter worth approximately $64,873,000. Eventide Asset Management LLC raised its stake in shares of SiTime by 5,015.9% during the 1st quarter. Eventide Asset Management LLC now owns 166,214 shares of the company’s stock worth $25,408,000 after purchasing an additional 162,965 shares in the last quarter. Neuberger Berman Group LLC boosted its holdings in shares of SiTime by 360.8% in the 1st quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company’s stock valued at $20,670,000 after buying an additional 105,868 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of SiTime by 17.0% in the first quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company’s stock valued at $92,233,000 after buying an additional 87,598 shares in the last quarter. Institutional investors own 84.31% of the company’s stock.

Insider Activity at SiTime

In related news, insider Samsheer Ahamad sold 6,000 shares of SiTime stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $250.00, for a total transaction of $1,500,000.00. Following the completion of the sale, the insider directly owned 61,888 shares of the company’s stock, valued at approximately $15,472,000. This trade represents a 8.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Rajesh Vashist sold 10,000 shares of the company’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $329.00, for a total value of $3,290,000.00. Following the completion of the transaction, the chief executive officer directly owned 439,208 shares in the company, valued at approximately $144,499,432. This represents a 2.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 44,867 shares of company stock valued at $12,458,213 in the last 90 days. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on SITM shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research report on Wednesday, October 8th. Stifel Nicolaus set a $360.00 price objective on shares of SiTime in a research note on Thursday, November 6th. Needham & Company LLC raised their target price on shares of SiTime from $250.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. UBS Group lifted their price target on SiTime from $355.00 to $375.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Finally, Raymond James Financial restated an “outperform” rating and issued a $270.00 price objective (up previously from $250.00) on shares of SiTime in a research note on Friday, August 29th. Six investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, SiTime has an average rating of “Moderate Buy” and an average price target of $332.14.

SiTime Stock Performance

NASDAQ SITM opened at $267.87 on Friday. The stock has a market cap of $6.99 billion, a PE ratio of -90.50 and a beta of 2.36. The firm has a 50-day moving average of $290.62 and a 200-day moving average of $240.25. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $386.00.

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

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.