Sierra Summit Advisors LLC Buys New Shares in SiTime Corporation $SITM

Sierra Summit Advisors LLC purchased a new stake in shares of SiTime Corporation (NASDAQ:SITM) during the first quarter, Holdings Channel reports. The firm purchased 2,225 shares of the company’s stock, valued at approximately $768,000.

Several other hedge funds have also recently added to or reduced their stakes in SITM. Norges Bank purchased a new position in shares of SiTime in the 4th quarter worth about $83,977,000. Whale Rock Capital Management LLC raised its holdings in shares of SiTime by 45.4% during the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after buying an additional 218,038 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of SiTime by 61.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock valued at $198,808,000 after buying an additional 213,242 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in SiTime in the 4th quarter worth approximately $59,452,000. Finally, Wellington Management Group LLP lifted its position in SiTime by 36.8% in the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock worth $162,027,000 after buying an additional 144,671 shares during the last quarter. Institutional investors own 84.31% of the company’s stock.

Insider Buying and Selling at SiTime

In other 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 transaction of $1,454,760.00. Following the sale, the director owned 19,898 shares in the company, valued at $14,473,407.24. This represents a 9.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Heckart sold 1,290 shares of the 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 sale, the director owned 790 shares in the company, valued at approximately $553,000. The trade was a 62.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 73,375 shares of company stock worth $51,931,438 in the last 90 days. Insiders own 1.40% of the company’s stock.

SiTime Stock Performance

SiTime stock opened at $601.66 on Friday. SiTime Corporation has a 1-year low of $186.49 and a 1-year high of $901.81. The firm has a 50-day moving average of $695.57 and a 200-day moving average of $489.90. The firm has a market cap of $15.88 billion, a P/E ratio of -595.70 and a beta of 2.91.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.14 by $0.30. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The business had revenue of $113.57 million during the quarter, compared to analyst estimates of $103.51 million. During the same quarter last year, the firm posted $0.26 earnings per share. The company’s revenue for the quarter was up 88.3% on a year-over-year basis. Research analysts forecast that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SITM has been the topic of a number of recent research reports. The Goldman Sachs Group reiterated a “buy” rating and set a $800.00 price target on shares of SiTime in a research report on Thursday, May 7th. Zacks Research upgraded shares of SiTime from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. UBS Group upped their price objective on shares of SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Stifel Nicolaus increased their target price on shares of SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research 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 issued a Sell rating to the stock. According to data from MarketBeat.com, SiTime presently has an average rating of “Moderate Buy” and an average target price of $661.88.

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.