Ethic Inc. Reduces Holdings in SiTime Corporation $SITM

Ethic Inc. trimmed its position in shares of SiTime Corporation (NASDAQ:SITM) by 18.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,308 shares of the company’s stock after selling 1,007 shares during the quarter. Ethic Inc.’s holdings in SiTime were worth $917,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in SITM. Alliancebernstein L.P. lifted its position in shares of SiTime by 2,016.8% during the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock worth $67,756,000 after purchasing an additional 422,288 shares during the last quarter. Eventide Asset Management LLC lifted its position in shares of SiTime by 5,015.9% during the first quarter. Eventide Asset Management LLC now owns 166,214 shares of the company’s stock valued at $25,408,000 after buying an additional 162,965 shares during the last quarter. Neuberger Berman Group LLC increased its holdings in shares of SiTime by 360.8% during the first quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company’s stock valued at $20,670,000 after acquiring an additional 105,868 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of SiTime by 17.0% during the first quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company’s stock valued at $92,233,000 after acquiring an additional 87,598 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of SiTime by 41.9% during the first quarter. Wellington Management Group LLP now owns 277,590 shares of the company’s stock valued at $42,435,000 after acquiring an additional 82,017 shares in the last quarter. 84.31% of the stock is currently owned by institutional investors.

SiTime Stock Performance

Shares of NASDAQ SITM opened at $276.80 on Tuesday. SiTime Corporation has a fifty-two week low of $105.40 and a fifty-two week high of $323.66. The firm has a market capitalization of $7.20 billion, a PE ratio of -79.54 and a beta of 2.35. The stock’s 50-day simple moving average is $272.03 and its 200-day simple moving average is $221.12.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.29 by $0.18. The company had revenue of $69.49 million for the quarter, compared to analyst estimates of $64.66 million. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The firm’s revenue was up 58.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 earnings per share. On average, sell-side analysts forecast that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Insider Activity at SiTime

In other SiTime news, insider Samsheer Ahamad sold 6,000 shares of SiTime stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $250.00, for a total transaction of $1,500,000.00. Following the transaction, the insider owned 61,888 shares of the company’s stock, valued at $15,472,000. The trade was a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Piyush B. Sevalia sold 2,056 shares of SiTime stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $251.50, for a total value of $517,084.00. Following the completion of the transaction, the insider owned 78,757 shares in the company, valued at $19,807,385.50. This trade represents a 2.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,367 shares of company stock valued at $9,330,713 over the last 90 days. 2.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research report on Wednesday, October 8th. Stifel Nicolaus upped their price objective on SiTime from $230.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, September 18th. UBS Group upped their target price on SiTime from $260.00 to $355.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Raymond James Financial reissued an “outperform” rating and issued a $270.00 price objective (up from $250.00) on shares of SiTime in a research note on Friday, August 29th. Finally, Barclays increased their price objective on SiTime from $180.00 to $220.00 and gave the company an “underweight” rating in a research note on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, SiTime currently has an average rating of “Hold” and a consensus target price of $274.17.

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.