Kennedy Capital Management LLC Cuts Stock Position in SiTime Corporation $SITM

Kennedy Capital Management LLC cut its holdings in SiTime Corporation (NASDAQ:SITM) by 10.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,097 shares of the company’s stock after selling 1,640 shares during the quarter. Kennedy Capital Management LLC’s holdings in SiTime were worth $4,979,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SITM. 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 stake in SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after buying an additional 88 shares during the period. AQR Capital Management LLC boosted its stake in SiTime by 310.8% during the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock worth $1,557,000 after buying an additional 8,136 shares during the period. Intech Investment Management LLC boosted its stake in 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 buying an additional 1,477 shares during the period. Finally, M&T Bank Corp purchased a new position in SiTime during the second quarter worth $240,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SITM has been the subject of several recent analyst reports. Wall Street Zen raised shares of SiTime from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. 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. 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, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, SiTime presently has an average rating of “Moderate Buy” and a consensus price target of $661.88.

Insider Activity

In other news, Director Christine Heckart sold 1,290 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $700.00, for a total transaction of $903,000.00. Following the completion of the sale, the director directly owned 790 shares of the company’s stock, valued at approximately $553,000. The trade was a 62.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rajesh Vashist sold 15,000 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $750.20, for a total transaction of $11,253,000.00. Following the sale, the chief executive officer directly owned 387,898 shares of the company’s stock, valued at $291,001,079.60. This represents a 3.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 74,624 shares of company stock valued at $52,399,813. Insiders own 1.40% of the company’s stock.

SiTime Trading Up 1.7%

Shares of SITM opened at $742.46 on Tuesday. The firm has a market capitalization of $19.60 billion, a P/E ratio of -735.11 and a beta of 2.94. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81. The firm has a fifty day moving average price of $625.95 and a 200-day moving average price of $455.98.

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

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.