Voya Investment Management LLC Reduces Position in SiTime Corporation $SITM

Voya Investment Management LLC reduced its stake in shares of SiTime Corporation (NASDAQ:SITM) by 12.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 212,650 shares of the company’s stock after selling 31,268 shares during the period. Voya Investment Management LLC owned approximately 0.82% of SiTime worth $64,074,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Invesco Ltd. grew its stake in SiTime by 4.8% during the 2nd quarter. Invesco Ltd. now owns 1,019,140 shares of the company’s stock valued at $217,158,000 after purchasing an additional 46,721 shares during the last quarter. State Street Corp boosted its position in SiTime by 3.7% in the second quarter. State Street Corp now owns 911,280 shares of the company’s stock valued at $194,176,000 after buying an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in SiTime by 22.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after buying an additional 132,948 shares during the period. Geode Capital Management LLC raised 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 buying an additional 51,063 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in SiTime by 1.1% during the 2nd quarter. Alliancebernstein L.P. now owns 448,036 shares of the company’s stock valued at $95,468,000 after acquiring an additional 4,809 shares during the period. 84.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on SITM shares. Loop Capital started coverage on shares of SiTime in a report on Friday, November 21st. They set a “buy” rating and a $350.00 target price for the company. Barclays boosted their price objective on SiTime from $220.00 to $260.00 and gave the company an “underweight” rating in a report on Thursday, November 6th. The Goldman Sachs Group initiated coverage on SiTime in a report on Monday. They set a “buy” rating and a $420.00 target price on the stock. Raymond James Financial reissued an “outperform” rating on shares of SiTime in a report on Tuesday, December 2nd. Finally, Stifel Nicolaus set a $360.00 target price on shares of SiTime in a report on Thursday, November 6th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, SiTime currently has a consensus rating of “Moderate Buy” and a consensus target price of $343.13.

Insider Transactions at SiTime

In related news, insider Fariborz Assaderaghi sold 1,500 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $291.58, for a total value of $437,370.00. Following the completion of the transaction, the insider directly owned 84,815 shares of the company’s stock, valued at approximately $24,730,357.70. This represents a 1.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction on Monday, December 1st. The stock was sold at an average price of $291.02, for a total transaction of $582,040.00. Following the sale, the chief executive officer directly owned 433,609 shares in the company, valued at approximately $126,188,891.18. This trade represents a 0.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 27,500 shares of company stock valued at $8,555,310 in the last 90 days. Corporate insiders own 2.10% of the company’s stock.

SiTime Stock Performance

SiTime stock opened at $366.61 on Friday. The company’s fifty day moving average price is $305.99 and its 200 day moving average price is $259.23. The stock has a market capitalization of $9.57 billion, a P/E ratio of -123.85 and a beta of 2.55. SiTime Corporation has a 1 year low of $105.40 and a 1 year high of $387.52.

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

About SiTime

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.