Polar Asset Management Partners Inc. Lowers Stock Holdings in SiTime Corporation $SITM

Polar Asset Management Partners Inc. lowered its position in shares of SiTime Corporation (NASDAQ:SITM) by 64.0% in the 1st quarter, HoldingsChannel reports. The firm owned 10,853 shares of the company’s stock after selling 19,316 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in SiTime were worth $3,748,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in shares of SiTime during the 4th quarter valued at about $83,977,000. Whale Rock Capital Management LLC lifted its position in SiTime by 45.4% in the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock worth $246,717,000 after buying an additional 218,038 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in SiTime by 61.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock worth $198,808,000 after buying an additional 213,242 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in SiTime in the fourth quarter worth approximately $59,452,000. Finally, Wellington Management Group LLP boosted its stake in SiTime by 36.8% in the third quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock worth $162,027,000 after buying an additional 144,671 shares in the last quarter. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on SITM. Roth Capital reiterated a “buy” rating and set a $900.00 price target on shares of SiTime in a research report on Thursday, May 7th. Stifel Nicolaus boosted their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Zacks Research cut shares of SiTime from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $800.00 target price on shares of SiTime in a report on Thursday, May 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, SiTime presently has an average rating of “Moderate Buy” and an average price target of $661.88.

SiTime Price Performance

Shares of SITM stock opened at $554.46 on Monday. The business has a 50-day moving average of $667.85 and a 200 day moving average of $515.04. SiTime Corporation has a 1-year low of $186.49 and a 1-year high of $901.81. The stock has a market capitalization of $14.64 billion, a PE ratio of -548.97 and a beta of 2.91.

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

Insider Transactions at SiTime

In other news, Director Raman Chitkara sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $727.38, for a total value of $1,454,760.00. Following the transaction, the director owned 19,898 shares in the company, valued at approximately $14,473,407.24. This trade represents a 9.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Akira Takata sold 1,500 shares of SiTime stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the completion of the transaction, the director directly owned 12,234 shares in the company, valued at approximately $10,531,761.24. The trade was a 10.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 69,709 shares of company stock valued at $50,230,546. 1.40% of the stock is currently owned by insiders.

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.