TimesSquare Capital Management LLC Purchases New Stake in SiTime Corporation $SITM

TimesSquare Capital Management LLC bought a new stake in SiTime Corporation (NASDAQ:SITM) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 23,720 shares of the company’s stock, valued at approximately $5,054,000. TimesSquare Capital Management LLC owned 0.10% of SiTime at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of SITM. Profund Advisors LLC purchased a new stake in shares of SiTime during the second quarter worth $222,000. Lisanti Capital Growth LLC boosted its position in 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 SiTime by 55.8% in the 2nd quarter. Los Angeles Capital Management LLC now owns 12,398 shares of the company’s stock valued at $2,642,000 after buying an additional 4,441 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of SiTime by 40.0% in the second quarter. Bank of New York Mellon Corp now owns 162,322 shares of the company’s stock worth $34,588,000 after purchasing an additional 46,359 shares during the period. Finally, K.J. Harrison & Partners Inc increased its position in SiTime by 40.0% in 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. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Stock Down 0.3%

NASDAQ:SITM opened at $305.85 on Thursday. SiTime Corporation has a twelve month low of $105.40 and a twelve month high of $386.00. The stock’s 50 day moving average price is $287.31 and its two-hundred day moving average price is $234.70. The firm has a market capitalization 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 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The business had revenue of $83.57 million for the quarter, compared to analyst estimates of $78.08 million. During the same quarter in the prior year, the business earned $0.40 EPS. SiTime’s quarterly revenue was up 44.8% on a year-over-year basis. As a group, analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SITM shares. Barclays raised their price target on shares of SiTime from $220.00 to $260.00 and gave the stock an “underweight” rating in a research report on Thursday, November 6th. Roth Capital reaffirmed a “buy” rating and issued a $350.00 target price on shares of SiTime in a report on Thursday, November 6th. Needham & Company LLC lifted their price target on SiTime from $250.00 to $360.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Raymond James Financial restated an “outperform” rating and set a $270.00 target price (up previously from $250.00) on shares of SiTime in a research report on Friday, August 29th. Finally, Stifel Nicolaus set a $360.00 price objective on SiTime in a research note on Thursday, November 6th. Five analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $329.17.

Insider Buying and Selling

In related news, insider Fariborz Assaderaghi sold 3,000 shares of the business’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $231.75, for a total value of $695,250.00. Following the completion of the transaction, the insider owned 90,433 shares of the company’s stock, valued at $20,957,847.75. The trade was a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Piyush B. Sevalia sold 2,056 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $251.50, for a total transaction of $517,084.00. Following the completion of the transaction, 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 ownership of the stock. 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 in the last ninety days. Insiders own 2.10% of the company’s stock.

SiTime Company 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.