TimesSquare Capital Management LLC Makes New $5.05 Million Investment in SiTime Corporation $SITM

TimesSquare Capital Management LLC purchased a new stake in shares of SiTime Corporation (NASDAQ:SITM) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 23,720 shares of the company’s stock, valued at approximately $5,054,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Profund Advisors LLC acquired a new stake in SiTime during the 2nd quarter worth approximately $222,000. Lisanti Capital Growth LLC lifted its holdings in shares of SiTime by 79.1% during the second quarter. Lisanti Capital Growth LLC now owns 21,175 shares of the company’s stock worth $4,512,000 after purchasing an additional 9,355 shares during the period. Los Angeles Capital Management LLC grew its stake in shares of SiTime by 55.8% in the second quarter. Los Angeles Capital Management LLC now owns 12,398 shares of the company’s stock worth $2,642,000 after purchasing an additional 4,441 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in SiTime by 40.0% in the second quarter. Bank of New York Mellon Corp now owns 162,322 shares of the company’s stock valued at $34,588,000 after purchasing an additional 46,359 shares during the period. Finally, K.J. Harrison & Partners Inc lifted its holdings in SiTime by 40.0% during the 2nd quarter. K.J. Harrison & Partners Inc now owns 7,000 shares of the company’s stock worth $1,492,000 after buying an additional 2,000 shares during the period. 84.31% of the stock is currently owned by institutional investors.

SiTime Stock Performance

Shares of NASDAQ SITM opened at $305.85 on Thursday. SiTime Corporation has a fifty-two week low of $105.40 and a fifty-two week high of $386.00. The firm’s 50-day simple moving average is $287.31 and its 200 day simple moving average is $234.70. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of -103.33 and a beta of 2.36.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) 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 business had revenue of $83.57 million during the quarter, compared to the consensus estimate of $78.08 million. During the same quarter in the prior year, the company posted $0.40 earnings per share. SiTime’s revenue was up 44.8% compared to the same quarter last year. On average, sell-side analysts predict that SiTime Corporation will post -2.44 EPS for the current year.

Analyst Ratings Changes

SITM has been the topic of a number of recent analyst reports. Barclays lifted their price objective on SiTime from $220.00 to $260.00 and gave the stock an “underweight” rating in a research note on Thursday, November 6th. Stifel Nicolaus set a $360.00 price objective on SiTime in a research note on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a report on Wednesday, October 8th. Needham & Company LLC raised their price objective on shares of SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Finally, Raymond James Financial reiterated 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. Five analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, SiTime currently has a consensus rating of “Hold” and a consensus target price of $329.17.

Insider Transactions at SiTime

In other news, insider Samsheer Ahamad sold 6,000 shares of the firm’s stock in a transaction 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 $15,472,000. This trade represents a 8.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Piyush B. Sevalia sold 2,056 shares of SiTime stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $251.50, for a total transaction of $517,084.00. Following the completion of the sale, the insider directly owned 78,757 shares in the company, valued at approximately $19,807,385.50. This represents a 2.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 44,867 shares of company stock worth $12,458,213. Company insiders own 2.10% of the company’s stock.

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.