Swedbank AB Grows Position in SiTime Corporation $SITM

Swedbank AB raised its holdings in SiTime Corporation (NASDAQ:SITM) by 125.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 63,200 shares of the company’s stock after acquiring an additional 35,200 shares during the quarter. Swedbank AB’s holdings in SiTime were worth $19,043,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Alliancebernstein L.P. lifted its stake in shares of SiTime by 2,016.8% in the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock valued at $67,756,000 after purchasing an additional 422,288 shares during the period. American Century Companies Inc. purchased a new position in SiTime in the second quarter valued at about $64,873,000. Eventide Asset Management LLC lifted its position in shares of SiTime by 5,015.9% during the 1st quarter. Eventide Asset Management LLC now owns 166,214 shares of the company’s stock valued at $25,408,000 after acquiring an additional 162,965 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of SiTime by 22.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after acquiring an additional 132,948 shares in the last quarter. Finally, Fortress Investment Group LLC acquired a new stake in shares of SiTime in the 2nd quarter worth approximately $22,182,000. 84.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other SiTime news, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $291.02, for a total value of $582,040.00. Following the completion of the sale, the chief executive officer directly owned 433,609 shares of the company’s stock, valued at approximately $126,188,891.18. The trade was a 0.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,500 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $291.58, for a total value of $437,370.00. Following the transaction, the insider directly owned 84,815 shares in the company, valued at approximately $24,730,357.70. This represents a 1.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,599 shares of company stock worth $8,267,891 in the last three months. 2.10% of the stock is owned by insiders.

SiTime Trading Down 0.3%

SiTime stock opened at $377.11 on Friday. The stock has a 50-day moving average price of $315.12 and a 200 day moving average price of $265.23. SiTime Corporation has a 52 week low of $105.40 and a 52 week high of $387.52. The stock has a market cap of $9.84 billion, a PE ratio of -127.40 and a beta of 2.55.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The company had revenue of $83.57 million for the quarter, compared to analyst estimates of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The firm’s quarterly revenue was up 44.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.40 EPS. On average, equities analysts predict that SiTime Corporation will post -2.44 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Stifel Nicolaus set a $360.00 price objective on SiTime in a report on Thursday, November 6th. UBS Group lifted their price target on SiTime from $355.00 to $375.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. The Goldman Sachs Group assumed coverage on shares of SiTime in a research report on Monday, December 15th. They issued a “buy” rating and a $420.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Wednesday, October 8th. Finally, Needham & Company LLC upped their price target on shares of SiTime from $250.00 to $360.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Seven analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $343.13.

SiTime Company 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.