SiTime Corporation $SITM Shares Sold by Needham Investment Management LLC

Needham Investment Management LLC trimmed its holdings in SiTime Corporation (NASDAQ:SITM) by 29.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 15,500 shares of the company’s stock after selling 6,500 shares during the period. Needham Investment Management LLC’s holdings in SiTime were worth $5,474,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in SiTime by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock worth $997,904,000 after buying an additional 61,336 shares during the last quarter. Invesco Ltd. boosted its stake in SiTime by 1.8% in the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after buying an additional 18,165 shares during the last quarter. State Street Corp boosted its stake in SiTime by 3.7% in the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock worth $194,176,000 after buying an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in SiTime by 22.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after buying an additional 132,948 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in SiTime by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 539,425 shares of the company’s stock worth $190,550,000 after buying an additional 15,850 shares during the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Barclays raised SiTime from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. The Goldman Sachs Group reissued a “buy” rating and issued a $800.00 price target on shares of SiTime in a research note on Thursday, May 7th. Roth Mkm restated a “buy” rating and issued a $900.00 price objective on shares of SiTime in a report on Thursday, May 7th. Needham & Company LLC raised their price objective on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $661.88.

SiTime Price Performance

SiTime stock opened at $742.46 on Tuesday. The stock’s 50-day moving average is $625.95 and its 200-day moving average is $455.98. The company has a market cap of $19.60 billion, a price-to-earnings ratio of -735.11 and a beta of 2.94. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.30. The company had revenue of $113.57 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 88.3% compared to the same quarter last year. During the same period last year, the business posted $0.26 EPS. Research analysts anticipate that SiTime Corporation will post 3.23 EPS for the current year.

Insider Buying and Selling

In other news, insider Fariborz Assaderaghi sold 1,709 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $731.49, for a total value of $1,250,116.41. Following the transaction, the insider directly owned 81,436 shares in the company, valued at $59,569,619.64. This trade represents a 2.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Akira Takata sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total value of $1,291,290.00. Following the sale, the director owned 12,234 shares in the company, valued at approximately $10,531,761.24. The trade was a 10.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 74,624 shares of company stock worth $52,399,813. Corporate insiders own 1.40% of the company’s stock.

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.