Bessemer Group Inc. Sells 3,862 Shares of SiTime Corporation $SITM

Bessemer Group Inc. cut its position in SiTime Corporation (NASDAQ:SITM) by 37.5% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 6,428 shares of the company’s stock after selling 3,862 shares during the quarter. Bessemer Group Inc.’s holdings in SiTime were worth $2,221,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SITM. Allspring Global Investments Holdings LLC increased its stake in SiTime by 606.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 19,595 shares of the company’s stock valued at $6,943,000 after acquiring an additional 16,822 shares during the last quarter. Bank of New York Mellon Corp raised its position in SiTime by 5.4% during the first quarter. Bank of New York Mellon Corp now owns 372,943 shares of the company’s stock valued at $128,796,000 after purchasing an additional 18,983 shares in the last quarter. Hillsdale Investment Management Inc. lifted its stake in SiTime by 3,816.0% during the first quarter. Hillsdale Investment Management Inc. now owns 979 shares of the company’s stock worth $338,000 after purchasing an additional 954 shares during the last quarter. Archer Investment Corp bought a new stake in SiTime during the first quarter worth $228,000. Finally, State of Michigan Retirement System acquired a new stake in shares of SiTime in the 1st quarter valued at $1,830,000. Institutional investors own 84.31% of the company’s stock.

Analyst Upgrades and Downgrades

SITM has been the topic of several recent analyst reports. Zacks Research lowered SiTime from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Needham & Company LLC upped their price objective on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen raised SiTime from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. The Goldman Sachs Group reiterated a “buy” rating and issued a $800.00 target price on shares of SiTime in a research report on Thursday, May 7th. Finally, Roth Capital reissued a “buy” rating and set a $900.00 target price on shares of SiTime in a research note on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, SiTime has an average rating of “Moderate Buy” and a consensus target price of $661.88.

SiTime Price Performance

Shares of NASDAQ:SITM opened at $590.67 on Thursday. The company has a market cap of $15.59 billion, a price-to-earnings ratio of -584.82 and a beta of 2.91. The firm has a 50 day simple moving average of $677.12 and a 200 day simple moving average of $512.03. SiTime Corporation has a one year low of $186.49 and a one year high of $901.81.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.30. The firm had revenue of $113.57 million for the quarter, compared to analysts’ expectations of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company’s revenue was up 88.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.26 earnings per share. As a group, analysts expect that SiTime Corporation will post 3.23 EPS for the current year.

Insider Buying and Selling

In related news, Director Raman Chitkara sold 2,000 shares of the business’s stock in a transaction on Friday, June 12th. The stock was 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. The trade was a 9.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajesh Vashist sold 30,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $701.13, for a total value of $21,033,900.00. Following the completion of the transaction, the chief executive officer directly owned 402,898 shares of the company’s stock, valued at approximately $282,483,874.74. The trade was a 6.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 69,709 shares of company stock worth $50,230,546 in the last ninety days. Insiders own 1.40% of the company’s stock.

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.