SiTime Corporation $SITM Position Reduced by CenterBook Partners LP

CenterBook Partners LP lowered its position in shares of SiTime Corporation (NASDAQ:SITM) by 52.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,478 shares of the company’s stock after selling 2,757 shares during the quarter. CenterBook Partners LP’s holdings in SiTime were worth $1,616,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SITM. BlackRock Inc. bought a new stake in shares of SiTime in the second quarter worth $1,781,937,000. Bank of New York Mellon Corp grew its position in SiTime by 5.4% in 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. Bamco Inc. NY bought a new position in SiTime in the second quarter valued at $52,341,000. Bank of America Corp DE increased its stake in SiTime by 53.7% in the 1st quarter. Bank of America Corp DE now owns 151,021 shares of the company’s stock valued at $52,155,000 after buying an additional 52,754 shares during the last quarter. Finally, TimesSquare Capital Management LLC acquired a new stake in SiTime in the 2nd quarter valued at $48,194,000. 84.31% of the stock is owned by institutional investors.

SiTime Stock Performance

Shares of SITM opened at $457.05 on Tuesday. SiTime Corporation has a one year low of $243.68 and a one year high of $901.81. The company has a debt-to-equity ratio of 1.29, a current ratio of 19.44 and a quick ratio of 18.50. The company has a market cap of $13.74 billion, a PE ratio of 79.86 and a beta of 2.88. The firm has a 50-day moving average of $560.20 and a 200-day moving average of $546.66.

SiTime’s stock is scheduled to split before the market opens on Monday, December 7th. The 3-1 split was recently announced. The newly minted shares will be distributed to shareholders after the market closes on Sunday, December 6th.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, November 4th. The company reported $4.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.62 by $0.39. SiTime had a return on equity of 13.92% and a net margin of 3.87%. The firm had revenue of $298.67 million for the quarter, compared to analyst estimates of $292.65 million. During the same quarter in the prior year, the company earned $0.87 earnings per share. The business’s revenue for the quarter was up 257.4% compared to the same quarter last year. As a group, equities analysts forecast that SiTime Corporation will post 6.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

SITM has been the topic of several analyst reports. Needham & Company LLC began coverage on shares of SiTime in a research report on Thursday, November 5th. They set a “buy” rating and a $600.00 price target on the stock. Guggenheim began coverage on SiTime in a report on Friday. They issued a “buy” rating for the company. Benchmark initiated coverage on SiTime in a research report on Wednesday, August 19th. They issued a “buy” rating and a $850.00 target price on the stock. Roth Capital began coverage on SiTime in a research report on Friday. They issued a “buy” rating on the stock. Finally, UBS Group dropped their target price on SiTime from $750.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, SiTime currently has an average rating of “Moderate Buy” and a consensus price target of $687.00.

Insider Buying and Selling

In related news, insider Fariborz Assaderaghi sold 1,374 shares of the business’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $701.05, for a total transaction of $963,242.70. Following the transaction, the insider directly owned 66,861 shares of the company’s stock, valued at approximately $46,872,904.05. The trade was a 2.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajesh Vashist sold 12,000 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $603.47, for a total value of $7,241,640.00. Following the completion of the sale, the chief executive officer owned 345,544 shares in the company, valued at approximately $208,525,437.68. This trade represents a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 14,374 shares of company stock valued at $8,949,883. 1.40% of the stock is owned by insiders.

SiTime Profile

SiTime Corporation develops silicon-based timing solutions using microelectromechanical systems (MEMS) technology. Its products include MEMS resonators, oscillators and clock generators, which provide timing signals used to synchronize electronic systems.

The company’s components serve applications across communications, data centers, automotive, industrial, aerospace and defense, and consumer electronics. SiTime sells its products to customers and partners worldwide.

Founded in 2005, SiTime became part of Japan’s MegaChips in 2014 and later became a publicly traded company.