Castleark Management LLC Cuts Stock Position in SiTime Corporation $SITM

Castleark Management LLC trimmed its position in shares of SiTime Corporation (NASDAQ:SITM) by 47.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,784 shares of the company’s stock after selling 15,770 shares during the quarter. Castleark Management LLC owned 0.07% of SiTime worth $6,142,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Royal Bank of Canada grew its holdings in shares of SiTime by 12.5% in the first quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock valued at $675,000 after purchasing an additional 491 shares in the last quarter. Advisors Asset Management Inc. boosted its position in SiTime by 33.6% in the 1st 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. AQR Capital Management LLC grew its stake in shares of SiTime by 310.8% in the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock worth $1,557,000 after acquiring an additional 8,136 shares in the last quarter. Intech Investment Management LLC increased its position in shares of SiTime by 21.6% during the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock worth $1,272,000 after acquiring an additional 1,477 shares during the period. Finally, M&T Bank Corp acquired a new stake in shares of SiTime in the second quarter valued at $240,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $400.00 to $850.00 in a report on Thursday, May 7th. Stifel Nicolaus raised 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. UBS Group boosted their price target on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Finally, Needham & Company LLC lifted their price objective on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $661.88.

Insider Activity at SiTime

In other news, insider Fariborz Assaderaghi sold 1,709 shares of SiTime stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $731.49, for a total transaction of $1,250,116.41. Following the sale, the insider owned 81,436 shares in the company, valued at approximately $59,569,619.64. The trade was a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajesh Vashist sold 30,000 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $701.13, for a total value of $21,033,900.00. Following the completion of the sale, the chief executive officer directly owned 402,898 shares of the company’s stock, valued at $282,483,874.74. The trade was a 6.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 69,709 shares of company stock valued at $50,230,546. Corporate insiders own 1.40% of the company’s stock.

SiTime Stock Performance

Shares of SiTime stock opened at $554.46 on Monday. The company has a fifty day simple moving average of $667.85 and a 200-day simple moving average of $515.04. The stock has a market cap of $14.64 billion, a price-to-earnings ratio of -548.97 and a beta of 2.91. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81.

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

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.