Magnetar Financial LLC Buys Shares of 1,465 SiTime Corporation $SITM

Magnetar Financial LLC purchased a new position in shares of SiTime Corporation (NASDAQ:SITM) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,465 shares of the company’s stock, valued at approximately $312,000.

A number of other hedge funds also recently modified their holdings of the stock. Alliancebernstein L.P. grew its holdings in SiTime by 2,016.8% during the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock valued at $67,756,000 after purchasing an additional 422,288 shares during the period. Eventide Asset Management LLC lifted its position 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 valued at $25,408,000 after buying an additional 162,965 shares during the last quarter. Neuberger Berman Group LLC grew its stake in shares of SiTime by 360.8% during the 1st quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company’s stock worth $20,670,000 after acquiring an additional 105,868 shares during the period. Ameriprise Financial Inc. grew its stake in shares of SiTime by 17.0% during the 1st quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company’s stock worth $92,233,000 after acquiring an additional 87,598 shares during the period. Finally, Wellington Management Group LLP raised its stake in SiTime by 41.9% in the 1st quarter. Wellington Management Group LLP now owns 277,590 shares of the company’s stock valued at $42,435,000 after acquiring an additional 82,017 shares during the period. Institutional investors own 84.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SITM shares. Roth Capital reiterated a “buy” rating and set a $350.00 target price on shares of SiTime in a research report on Thursday, November 6th. Raymond James Financial restated an “outperform” rating and set a $270.00 price target (up from $250.00) on shares of SiTime in a research note on Friday, August 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research note on Wednesday, October 8th. Loop Capital began coverage on SiTime in a research report on Friday. They set a “buy” rating and a $350.00 target price on the stock. Finally, Needham & Company LLC raised their price target on SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $332.14.

Insiders Place Their Bets

In related news, EVP Elizabeth A. Howe sold 5,099 shares of the company’s stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $319.00, for a total value of $1,626,581.00. Following the transaction, the executive vice president directly owned 59,070 shares in the company, valued at approximately $18,843,330. This represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Samsheer Ahamad sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The shares were 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 in the company, valued at $15,472,000. This represents a 8.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 44,867 shares of company stock worth $12,458,213. 2.30% of the stock is owned by corporate insiders.

SiTime Trading Up 2.5%

SiTime stock opened at $286.64 on Wednesday. SiTime Corporation has a 1-year low of $105.40 and a 1-year high of $386.00. The firm has a market capitalization of $7.48 billion, a PE ratio of -96.84 and a beta of 2.36. The firm’s 50 day simple moving average is $290.59 and its 200 day simple moving average is $242.08.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The firm had revenue of $83.57 million during the quarter, compared to analyst estimates 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 for the quarter was up 44.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.40 EPS. Research analysts forecast that SiTime Corporation will post -2.44 earnings per share for the current year.

About SiTime

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.