Corton Capital Inc. Buys Shares of 956 SiTime Co. (NASDAQ:SITM)

Corton Capital Inc. purchased a new position in shares of SiTime Co. (NASDAQ:SITM) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 956 shares of the company’s stock, valued at approximately $205,000.

A number of other hedge funds have also made changes to their positions in SITM. Invesco Ltd. boosted its holdings in SiTime by 11.0% in the fourth quarter. Invesco Ltd. now owns 983,175 shares of the company’s stock worth $210,921,000 after purchasing an additional 97,062 shares during the period. Hood River Capital Management LLC increased its position in SiTime by 27.0% in the fourth quarter. Hood River Capital Management LLC now owns 421,960 shares of the company’s stock worth $90,523,000 after buying an additional 89,632 shares during the period. Emerald Advisers LLC acquired a new stake in shares of SiTime in the 4th quarter worth about $18,673,000. Capital World Investors bought a new stake in shares of SiTime during the fourth quarter valued at approximately $17,654,000. Finally, Federated Hermes Inc. bought a new stake in SiTime during the 4th quarter valued at $15,446,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SITM. Stifel Nicolaus cut their target price on SiTime from $270.00 to $180.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Barclays decreased their price objective on shares of SiTime from $180.00 to $110.00 and set an “underweight” rating for the company in a research note on Tuesday, April 22nd. Raymond James reissued an “outperform” rating and issued a $250.00 price target (up from $215.00) on shares of SiTime in a research report on Thursday, February 6th. Finally, Needham & Company LLC boosted their target price on SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $204.00.

Insider Activity

In other news, insider Lionel Bonnot sold 3,501 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $174.25, for a total transaction of $610,049.25. Following the completion of the sale, the insider now owns 87,940 shares in the company, valued at $15,323,545. This trade represents a 3.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Piyush B. Sevalia sold 1,038 shares of SiTime stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $157.64, for a total transaction of $163,630.32. Following the completion of the transaction, the insider now owns 92,847 shares of the company’s stock, valued at $14,636,401.08. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,806 shares of company stock worth $960,942 in the last three months. Company insiders own 2.30% of the company’s stock.

SiTime Stock Performance

Shares of NASDAQ:SITM opened at $166.70 on Thursday. The company has a market capitalization of $3.95 billion, a P/E ratio of -41.16 and a beta of 2.24. The company has a 50-day simple moving average of $152.89 and a 200 day simple moving average of $189.41. SiTime Co. has a 52-week low of $94.82 and a 52-week high of $268.18.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.15. The business had revenue of $60.31 million for the quarter, compared to analyst estimates of $54.01 million. SiTime had a negative net margin of 46.18% and a negative return on equity of 10.12%. The firm’s revenue for the quarter was up 82.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.08) EPS. As a group, equities analysts forecast that SiTime Co. will post -2.44 earnings per share for the current year.

SiTime Company 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.