First Trust Advisors LP Sells 4,361 Shares of SiTime Corporation $SITM

First Trust Advisors LP lowered its position in SiTime Corporation (NASDAQ:SITM) by 13.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,583 shares of the company’s stock after selling 4,361 shares during the quarter. First Trust Advisors LP owned approximately 0.10% of SiTime worth $9,526,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Royal Bank of Canada lifted its stake in SiTime by 12.5% in the 1st quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock valued at $675,000 after purchasing an additional 491 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after purchasing an additional 88 shares during the period. AQR Capital Management LLC raised its stake in SiTime by 310.8% in the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock valued at $1,557,000 after buying an additional 8,136 shares during the period. Intech Investment Management LLC lifted its position in shares of SiTime by 21.6% in the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after buying an additional 1,477 shares during the last quarter. Finally, M&T Bank Corp acquired a new stake in shares of SiTime in the second quarter valued at approximately $240,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at SiTime

In related news, Director Raman Chitkara sold 2,000 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $727.38, for a total value of $1,454,760.00. Following the completion of the transaction, the director owned 19,898 shares of the company’s stock, valued at $14,473,407.24. This represents a 9.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Heckart sold 1,290 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $700.00, for a total transaction of $903,000.00. Following the completion of the sale, the director owned 790 shares in the company, valued at $553,000. This represents a 62.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 69,709 shares of company stock worth $50,230,546 in the last ninety days. Insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SITM. UBS Group increased their price objective on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Needham & Company LLC upped their price target on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Stifel Nicolaus increased their price target on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Finally, Zacks Research cut shares of SiTime from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, SiTime presently has a consensus rating of “Moderate Buy” and a consensus price target of $661.88.

SiTime Stock Up 1.4%

NASDAQ:SITM opened at $535.20 on Friday. The stock’s 50-day simple moving average is $647.50 and its 200 day simple moving average is $519.67. The firm has a market capitalization of $14.13 billion, a PE ratio of -529.90 and a beta of 2.91. SiTime Corporation has a twelve month low of $186.49 and a twelve month high of $901.81.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.14 by $0.30. The firm had revenue of $113.57 million during 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 business’s quarterly revenue was up 88.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.26 earnings per share. On average, analysts anticipate that SiTime Corporation will post 3.23 EPS for the current fiscal 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.