SiTime Corporation $SITM Shares Sold by Legal & General Group Plc

Legal & General Group Plc decreased its stake in shares of SiTime Corporation (NASDAQ:SITM) by 4.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,121 shares of the company’s stock after selling 2,675 shares during the period. Legal & General Group Plc’s holdings in SiTime were worth $19,821,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SITM. Royal Bank of Canada grew its stake in shares of SiTime by 12.5% in the 1st quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock worth $675,000 after purchasing an additional 491 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of SiTime by 33.6% in the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after purchasing an additional 88 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of SiTime by 310.8% in the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock worth $1,557,000 after purchasing an additional 8,136 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of SiTime by 21.6% in the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock worth $1,272,000 after purchasing an additional 1,477 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in shares of SiTime in the 2nd quarter worth approximately $240,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Price Performance

SiTime stock opened at $665.01 on Tuesday. The firm’s 50 day simple moving average is $555.39 and its 200-day simple moving average is $426.61. The company has a market cap of $17.56 billion, a P/E ratio of -658.43 and a beta of 2.94. SiTime Corporation has a fifty-two week low of $186.49 and a fifty-two week high of $901.81.

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. UBS Group lifted their price objective on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Roth Mkm reaffirmed a “buy” rating and issued a $900.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Wall Street Zen raised shares of SiTime from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. 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 note on Thursday, May 7th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, SiTime presently has an average rating of “Moderate Buy” and an average target price of $661.88.

Insider Activity

In related news, Director Akira Takata sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the completion of the sale, the director directly owned 12,234 shares in the company, valued at approximately $10,531,761.24. This trade represents a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Torsten Kreindl sold 710 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $720.00, for a total transaction of $511,200.00. Following the sale, the director owned 13,141 shares of the company’s stock, valued at approximately $9,461,520. This represents a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 8,834 shares of company stock valued at $5,221,873. 1.40% of the stock is currently owned by insiders.

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.