Polar Asset Management Partners Inc. Lowers Position in SiTime Co. (NASDAQ:SITM)

Polar Asset Management Partners Inc. lessened its stake in SiTime Co. (NASDAQ:SITM) by 48.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,000 shares of the company’s stock after selling 20,500 shares during the period. Polar Asset Management Partners Inc.’s holdings in SiTime were worth $4,720,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of SITM. Barclays PLC lifted its position in shares of SiTime by 80.7% during the 3rd quarter. Barclays PLC now owns 37,982 shares of the company’s stock valued at $6,515,000 after buying an additional 16,964 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of SiTime by 278.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 280 shares of the company’s stock valued at $60,000 after buying an additional 206 shares in the last quarter. Baader Bank Aktiengesellschaft purchased a new position in shares of SiTime during the 4th quarter valued at approximately $538,000. Proficio Capital Partners LLC purchased a new position in shares of SiTime during the 4th quarter valued at approximately $4,418,000. Finally, M&T Bank Corp acquired a new position in SiTime in the 4th quarter valued at $235,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Insider Buying and Selling at SiTime

In other SiTime news, insider Piyush B. Sevalia sold 1,038 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $157.64, for a total value of $163,630.32. Following the completion of the sale, the insider now owns 92,847 shares in the company, valued at approximately $14,636,401.08. The trade was a 1.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,267 shares of the business’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $147.80, for a total value of $187,262.60. Following the completion of the transaction, the insider now directly owns 113,584 shares in the company, valued at approximately $16,787,715.20. The trade was a 1.10% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,074 shares of company stock worth $1,195,421. 2.30% of the stock is owned by insiders.

Analyst Ratings Changes

SITM has been the subject of several recent research reports. Barclays increased their price objective on SiTime from $110.00 to $135.00 and gave the company an “underweight” rating in a research note on Thursday, May 8th. Raymond James reissued an “outperform” rating and issued a $250.00 price objective (up from $215.00) on shares of SiTime in a research note on Thursday, February 6th. Needham & Company LLC increased their price objective on SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Finally, Stifel Nicolaus increased their price objective on SiTime from $180.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $215.00.

SiTime Stock Performance

Shares of SiTime stock opened at $206.00 on Friday. SiTime Co. has a one year low of $105.40 and a one year high of $268.18. The company has a market cap of $4.89 billion, a PE ratio of -50.86 and a beta of 2.24. The business has a 50-day simple moving average of $157.02 and a 200-day simple moving average of $190.14.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.15. The firm had revenue of $60.31 million during the quarter, compared to analysts’ expectations of $54.01 million. SiTime had a negative return on equity of 10.12% and a negative net margin of 46.18%. The firm’s revenue was up 82.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.08) earnings per share. On average, sell-side analysts predict that SiTime Co. will post -2.44 earnings per share for the current fiscal year.

SiTime Profile

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.