Wasatch Advisors LP Decreases Stock Holdings in SiTime Co. (NASDAQ:SITM)

Wasatch Advisors LP decreased its holdings in shares of SiTime Co. (NASDAQ:SITM) by 42.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 566,777 shares of the company’s stock after selling 426,644 shares during the period. Wasatch Advisors LP’s holdings in SiTime were worth $97,208,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Signaturefd LLC lifted its holdings in SiTime by 67.4% in the 3rd quarter. Signaturefd LLC now owns 149 shares of the company’s stock valued at $26,000 after purchasing an additional 60 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in SiTime by 59.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock valued at $29,000 after purchasing an additional 88 shares in the last quarter. GAMMA Investing LLC lifted its holdings in SiTime by 281.0% in the 2nd quarter. GAMMA Investing LLC now owns 381 shares of the company’s stock valued at $47,000 after purchasing an additional 281 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in SiTime in the 2nd quarter valued at $49,000. Finally, Van ECK Associates Corp acquired a new stake in shares of SiTime in the 3rd quarter worth $123,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SITM. Stifel Nicolaus raised their target price on SiTime from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Needham & Company LLC raised their target price on SiTime from $140.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Barclays raised their target price on SiTime from $90.00 to $130.00 and gave the stock an “underweight” rating in a research note on Friday, November 8th. Finally, Roth Mkm raised their target price on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

Insider Activity

In other news, insider Fariborz Assaderaghi sold 1,003 shares of SiTime stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $140.00, for a total value of $140,420.00. Following the completion of the transaction, the insider now owns 111,581 shares in the company, valued at approximately $15,621,340. This trade represents a 0.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Rajesh Vashist sold 20,000 shares of SiTime stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $170.07, for a total value of $3,401,400.00. Following the completion of the transaction, the chief executive officer now owns 424,417 shares of the company’s stock, valued at $72,180,599.19. The trade was a 4.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,514 shares of company stock worth $6,382,144. 2.30% of the stock is currently owned by company insiders.

SiTime Price Performance

NASDAQ SITM opened at $212.38 on Friday. The company has a market cap of $4.96 billion, a P/E ratio of -51.30 and a beta of 1.83. The stock has a 50-day moving average of $187.98 and a two-hundred day moving average of $152.93. SiTime Co. has a 1-year low of $72.39 and a 1-year high of $228.12.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, November 6th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.14. The company had revenue of $57.70 million during the quarter, compared to the consensus estimate of $55.10 million. SiTime had a negative return on equity of 9.89% and a negative net margin of 53.55%. SiTime’s revenue was up 62.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.81) EPS. On average, analysts anticipate that SiTime Co. will post -2.98 EPS for the current fiscal year.

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.