HighTower Advisors LLC Cuts Holdings in SiTime Corporation $SITM

HighTower Advisors LLC lessened its stake in SiTime Corporation (NASDAQ:SITM) by 46.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,266 shares of the company’s stock after selling 14,102 shares during the period. HighTower Advisors LLC’s holdings in SiTime were worth $5,745,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SITM. Principal Financial Group Inc. lifted its holdings in shares of SiTime by 3.9% in the 4th quarter. Principal Financial Group Inc. now owns 363,953 shares of the company’s stock worth $128,545,000 after acquiring an additional 13,577 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of SiTime by 25.0% in the 3rd quarter. Federated Hermes Inc. now owns 125,000 shares of the company’s stock worth $37,664,000 after acquiring an additional 25,000 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of SiTime by 145.9% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 12,215 shares of the company’s stock worth $3,681,000 after acquiring an additional 7,247 shares during the last quarter. Cibc World Market Inc. bought a new stake in shares of SiTime in the 3rd quarter worth approximately $2,259,000. Finally, Royce & Associates LP lifted its holdings in shares of SiTime by 95.0% in the 3rd quarter. Royce & Associates LP now owns 54,476 shares of the company’s stock worth $16,414,000 after acquiring an additional 26,538 shares during the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Stock Down 2.3%

NASDAQ:SITM opened at $726.21 on Thursday. The company has a fifty day moving average of $534.22 and a 200 day moving average of $418.52. SiTime Corporation has a 52 week low of $186.49 and a 52 week high of $901.81. The firm has a market capitalization of $19.17 billion, a P/E ratio of -719.02 and a beta of 2.91.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company had revenue of $113.57 million during the quarter, compared to analyst estimates of $103.51 million. During the same period in the prior year, the business posted $0.26 EPS. The firm’s revenue was up 88.3% compared to the same quarter last year. As a group, analysts anticipate that SiTime Corporation will post 3.23 EPS for the current year.

Analyst Upgrades and Downgrades

SITM has been the subject of a number of recent research reports. The Goldman Sachs Group restated a “buy” rating and issued a $800.00 price objective on shares of SiTime in a report on Thursday, May 7th. Stifel Nicolaus boosted their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Zacks Research upgraded shares of SiTime from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Finally, Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $400.00 to $850.00 in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, SiTime has an average rating of “Moderate Buy” and an average target price of $661.88.

Insider Activity at SiTime

In related news, Director Akira Takata sold 1,500 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the completion of the sale, the director directly owned 12,234 shares in the company, valued at $10,531,761.24. This represents a 10.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,709 shares of SiTime stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $731.49, for a total value of $1,250,116.41. Following the completion of the sale, the insider owned 81,436 shares in the company, valued at approximately $59,569,619.64. This represents a 2.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 9,335 shares of company stock worth $5,434,813 over the last ninety days. Insiders own 1.40% of the company’s stock.

SiTime Profile

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.