Bank of New York Mellon Corp Boosts Stake in SiTime Corporation $SITM

Bank of New York Mellon Corp raised its position in shares of SiTime Corporation (NASDAQ:SITM) by 40.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 162,322 shares of the company’s stock after purchasing an additional 46,359 shares during the quarter. Bank of New York Mellon Corp’s holdings in SiTime were worth $34,588,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SITM. Game Plan Financial Advisors LLC bought a new position in shares of SiTime during the 2nd quarter valued at approximately $25,000. Advisors Asset Management Inc. raised its stake in SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after purchasing an additional 88 shares in the last quarter. CWM LLC lifted its position in SiTime by 69.0% during the first quarter. CWM LLC now owns 453 shares of the company’s stock valued at $69,000 after purchasing an additional 185 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of SiTime by 183.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 600 shares of the company’s stock worth $128,000 after buying an additional 388 shares in the last quarter. Finally, Praxis Investment Management Inc. bought a new stake in shares of SiTime in the 2nd quarter worth about $202,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

SiTime Trading Down 5.6%

Shares of SITM opened at $288.66 on Friday. The firm has a market capitalization of $7.53 billion, a P/E ratio of -97.52 and a beta of 2.36. SiTime Corporation has a 12-month low of $105.40 and a 12-month high of $386.00. The firm has a fifty day moving average price of $288.47 and a 200-day moving average price of $235.07.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The company 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 firm’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same quarter last year, the business posted $0.40 EPS. Analysts predict that SiTime Corporation will post -2.44 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Fariborz Assaderaghi sold 3,000 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $231.75, for a total transaction of $695,250.00. Following the transaction, the insider owned 90,433 shares of the company’s stock, valued at approximately $20,957,847.75. This represents a 3.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rajesh Vashist sold 10,000 shares of the firm’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 transaction, the chief executive officer owned 439,208 shares in the company, valued at approximately $144,499,432. This represents a 2.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 44,867 shares of company stock valued at $12,458,213 over the last 90 days. 2.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SITM. Needham & Company LLC increased their price target on shares of SiTime from $250.00 to $360.00 and gave the company a “buy” rating in a report on Thursday, November 6th. UBS Group upped their price objective on SiTime from $355.00 to $375.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research note on Wednesday, October 8th. Stifel Nicolaus set a $360.00 target price on SiTime in a research report on Thursday, November 6th. Finally, Barclays lifted their price objective on shares of SiTime from $220.00 to $260.00 and gave the stock an “underweight” rating in a research note on Thursday, November 6th. Five 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, the company currently has an average rating of “Hold” and a consensus price target of $329.17.

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.