SiTime Corporation $SITM Stock Holdings Lessened by Sterling Capital Management LLC

Sterling Capital Management LLC cut its holdings in SiTime Corporation (NASDAQ:SITM) by 55.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,815 shares of the company’s stock after selling 2,301 shares during the period. Sterling Capital Management LLC’s holdings in SiTime were worth $627,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of SITM. Norges Bank acquired a new stake in SiTime during the fourth quarter worth about $83,977,000. Whale Rock Capital Management LLC boosted its stake in SiTime by 45.4% in the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after acquiring an additional 218,038 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of SiTime by 61.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock valued at $198,808,000 after purchasing an additional 213,242 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in shares of SiTime during the fourth quarter valued at approximately $59,452,000. Finally, Wellington Management Group LLP raised its position in shares of SiTime by 36.8% during the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock worth $162,027,000 after purchasing an additional 144,671 shares during the period. Institutional investors own 84.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SITM shares. The Goldman Sachs Group reissued a “buy” rating and issued a $800.00 price target on shares of SiTime in a report on Thursday, May 7th. Roth Mkm reaffirmed a “buy” rating and issued a $900.00 target price on shares of SiTime in a research report on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research note on Tuesday, April 21st. Barclays raised shares of SiTime from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $400.00 to $850.00 in a report on Thursday, May 7th. Finally, UBS Group upped their price target on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research 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 MarketBeat.com, SiTime currently has an average rating of “Moderate Buy” and a consensus price target of $661.88.

Insider Activity at SiTime

In related news, insider Piyush B. Sevalia sold 2,419 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $484.05, for a total value of $1,170,916.95. Following the completion of the sale, the insider owned 84,250 shares of the company’s stock, valued at $40,781,212.50. This represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Akira Takata sold 1,500 shares of the stock in a transaction dated 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 transaction, the director owned 12,234 shares of the company’s stock, valued at $10,531,761.24. This represents a 10.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 73,375 shares of company stock valued at $51,931,438. 1.40% of the stock is owned by corporate insiders.

SiTime Price Performance

Shares of SITM stock opened at $703.84 on Thursday. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81. The firm has a market capitalization of $18.58 billion, a price-to-earnings ratio of -696.87 and a beta of 2.91. The business has a 50 day simple moving average of $692.46 and a 200 day simple moving average of $487.43.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.30. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The firm had revenue of $113.57 million for the quarter, compared to the consensus estimate of $103.51 million. During the same quarter in the previous year, the business earned $0.26 EPS. The firm’s revenue for the quarter was up 88.3% on a year-over-year basis. On average, equities analysts anticipate that SiTime Corporation will post 3.23 EPS for the current fiscal 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.