Keybank National Association OH Sells 1,540 Shares of SiTime Corporation $SITM

Keybank National Association OH reduced its position in shares of SiTime Corporation (NASDAQ:SITM) by 49.6% in the second quarter, HoldingsChannel.com reports. The firm owned 1,564 shares of the company’s stock after selling 1,540 shares during the period. Keybank National Association OH’s holdings in SiTime were worth $333,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of SITM. Game Plan Financial Advisors LLC bought a new position in SiTime during the 2nd quarter valued at approximately $25,000. Advisors Asset Management Inc. increased its stake in shares of SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after buying an additional 88 shares during the period. CWM LLC raised its holdings in shares of SiTime by 69.0% during the first quarter. CWM LLC now owns 453 shares of the company’s stock valued at $69,000 after acquiring an additional 185 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in SiTime by 183.0% in the second quarter. Nisa Investment Advisors LLC now owns 600 shares of the company’s stock worth $128,000 after acquiring an additional 388 shares during the period. Finally, Praxis Investment Management Inc. bought a new stake in SiTime in the second quarter valued at $202,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Wall Street Analysts Forecast Growth

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

SiTime Stock Performance

Shares of NASDAQ SITM opened at $279.07 on Thursday. The company has a 50 day simple moving average of $278.97 and a two-hundred day simple moving average of $228.38. SiTime Corporation has a fifty-two week low of $105.40 and a fifty-two week high of $323.66. The company has a market capitalization of $7.26 billion, a price-to-earnings ratio of -80.19 and a beta of 2.36.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.16. The company had revenue of $83.57 million for the quarter, compared to the consensus estimate of $78.08 million. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The firm’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.40 EPS. On average, analysts forecast that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $294.00, for a total value of $588,000.00. Following the completion of the transaction, the chief executive officer owned 451,208 shares of the company’s stock, valued at $132,655,152. The trade was a 0.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Samsheer Ahamad sold 6,000 shares of the stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $250.00, for a total transaction of $1,500,000.00. Following the sale, the insider directly owned 61,888 shares in the company, valued at $15,472,000. This trade represents a 8.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 34,867 shares of company stock valued at $9,168,213. 2.10% of the stock is currently owned by insiders.

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.