Next Century Growth Investors LLC cut its stake in shares of SiTime Corporation (NASDAQ:SITM – Free Report) by 36.6% in the fourth quarter, Holdings Channel reports. The firm owned 39,199 shares of the company’s stock after selling 22,596 shares during the quarter. Next Century Growth Investors LLC’s holdings in SiTime were worth $13,845,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of SiTime by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock worth $997,904,000 after purchasing an additional 61,336 shares during the period. Invesco Ltd. grew its stake in shares of SiTime by 1.8% during the third quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after purchasing an additional 18,165 shares during the period. State Street Corp grew its stake in shares of SiTime by 3.7% during the second quarter. State Street Corp now owns 911,280 shares of the company’s stock worth $194,176,000 after purchasing an additional 32,178 shares during the period. Ameriprise Financial Inc. grew its stake in shares of SiTime by 22.0% during the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after purchasing an additional 132,948 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of SiTime by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 539,425 shares of the company’s stock worth $190,550,000 after purchasing an additional 15,850 shares during the period. 84.31% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities research analysts recently commented on SITM shares. Needham & Company LLC lifted their price objective on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wall Street Zen raised SiTime from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Stifel Nicolaus lifted their price objective on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. UBS Group lifted their price objective on SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, Zacks Research upgraded SiTime from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $661.88.
Insider Activity
In other news, Director Akira Takata sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $860.86, for a total value of $1,291,290.00. Following the sale, the director directly owned 12,234 shares in the company, valued at $10,531,761.24. The trade was a 10.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Fariborz Assaderaghi sold 1,709 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $731.49, for a total value of $1,250,116.41. Following the completion of the sale, the insider owned 81,436 shares in the company, valued at approximately $59,569,619.64. This trade represents a 2.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 52,624 shares of company stock valued at $35,942,053. Company insiders own 1.40% of the company’s stock.
SiTime Trading Up 1.2%
SITM stock opened at $729.89 on Friday. The business’s 50-day moving average price is $618.04 and its two-hundred day moving average price is $451.56. The firm has a market cap of $19.27 billion, a PE ratio of -722.66 and a beta of 2.94. SiTime Corporation has a 1-year low of $186.49 and a 1-year high of $901.81.
SiTime (NASDAQ:SITM – Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.30. The firm had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The company’s revenue for the quarter was up 88.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.26 earnings per share. On average, analysts forecast that SiTime Corporation will post 3.23 earnings per share for the current year.
SiTime Profile
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.
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