Voya Investment Management LLC Reduces Stake in SiTime Corporation $SITM

Voya Investment Management LLC cut its stake in SiTime Corporation (NASDAQ:SITM) by 12.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 212,650 shares of the company’s stock after selling 31,268 shares during the quarter. Voya Investment Management LLC’s holdings in SiTime were worth $64,074,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Invesco Ltd. raised its stake in SiTime by 4.8% during the second quarter. Invesco Ltd. now owns 1,019,140 shares of the company’s stock worth $217,158,000 after purchasing an additional 46,721 shares during the period. State Street Corp grew its position in SiTime by 3.7% in the second quarter. State Street Corp now owns 911,280 shares of the company’s stock worth $194,176,000 after acquiring an additional 32,178 shares during the period. Ameriprise Financial Inc. raised its position in SiTime by 22.0% in the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after purchasing an additional 132,948 shares during the period. Geode Capital Management LLC grew its holdings in shares of SiTime by 11.2% during the 2nd quarter. Geode Capital Management LLC now owns 506,400 shares of the company’s stock worth $107,918,000 after purchasing an additional 51,063 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of SiTime by 1.1% during the 2nd quarter. Alliancebernstein L.P. now owns 448,036 shares of the company’s stock worth $95,468,000 after purchasing an additional 4,809 shares during the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Rajesh Vashist sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $291.02, for a total transaction of $582,040.00. Following the completion of the sale, the chief executive officer owned 433,609 shares in the company, valued at approximately $126,188,891.18. The trade was a 0.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Samsheer Ahamad sold 4,000 shares of SiTime stock in a transaction on Monday, December 1st. The stock was sold at an average price of $291.10, for a total transaction of $1,164,400.00. Following the sale, the insider owned 51,711 shares in the company, valued at $15,053,072.10. This represents a 7.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 27,500 shares of company stock worth $8,555,310 over the last 90 days. Insiders own 2.10% of the company’s stock.

SiTime Price Performance

SITM opened at $366.61 on Friday. The business has a fifty day moving average price of $305.99 and a 200 day moving average price of $259.23. SiTime Corporation has a 12 month low of $105.40 and a 12 month high of $387.52. The stock has a market capitalization of $9.57 billion, a price-to-earnings ratio of -123.85 and a beta of 2.55.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.16. SiTime had a negative return on equity of 5.69% and a negative net margin of 25.18%.The business had revenue of $83.57 million during the quarter, compared to analysts’ expectations of $78.08 million. During the same quarter last year, the business posted $0.40 EPS. The business’s quarterly revenue was up 44.8% compared to the same quarter last year. On average, research analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Loop Capital assumed coverage on shares of SiTime in a research report on Friday, November 21st. They set a “buy” rating and a $350.00 price target for the company. Needham & Company LLC boosted their target price on SiTime from $250.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Stifel Nicolaus set a $360.00 price target on SiTime in a research note on Thursday, November 6th. Roth Capital reaffirmed a “buy” rating and issued a $350.00 price objective on shares of SiTime in a research note on Thursday, November 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research note on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average 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.