20,178 Shares in SiTime Corporation $SITM Purchased by Nicholas Investment Partners LP

Key Points

• Nicholas Investment Partners LP opened a new position in SiTime during the fourth quarter, buying 20,178 shares valued at about $7.1 million.
• SiTime continues to draw strong institutional interest, with hedge funds and other institutional investors owning 84.31% of the company’s shares. Several large firms, including Vanguard, Invesco, and State Street, also increased their holdings.
• Analysts remain bullish on the stock: recent upgrades lifted price targets sharply, and SiTime reported better-than-expected quarterly earnings and revenue growth of 88.3% year over year.

Nicholas Investment Partners LP acquired a new position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 20,178 shares of the company's stock, valued at approximately $7,127,000. Nicholas Investment Partners LP owned approximately 0.08% of SiTime as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in SiTime by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company's stock worth $997,904,000 after purchasing an additional 61,336 shares in the last quarter. Invesco Ltd. increased its stake in SiTime by 1.8% in the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company's stock worth $312,550,000 after acquiring an additional 18,165 shares during the last quarter. State Street Corp increased its stake in SiTime by 3.7% in the 2nd 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 last quarter. Ameriprise Financial Inc. increased its stake in SiTime by 22.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company's stock worth $156,887,000 after acquiring an additional 132,948 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in SiTime by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 539,425 shares of the company's stock worth $190,550,000 after acquiring an additional 15,850 shares during the last quarter. Hedge funds and other institutional investors own 84.31% of the company's stock.

Wall Street Analyst Weigh In

SITM has been the topic of a number of research analyst reports. Needham & Company LLC upped their target price on SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Zacks Research upgraded SiTime from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 15th. Barclays upgraded SiTime from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $400.00 to $850.00 in a research report on Thursday, May 7th. UBS Group increased their price objective on SiTime from $675.00 to $775.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Finally, Roth Mkm reiterated a "buy" rating and set a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, SiTime presently has an average rating of "Moderate Buy" and a consensus target price of $661.88.

Insider Buying and Selling at SiTime

In other SiTime news, 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,709 shares of SiTime stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $731.49, for a total value of $1,250,116.41. Following the transaction, the insider owned 81,436 shares of the company's stock, valued at $59,569,619.64. The trade was a 2.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 52,624 shares of company stock valued at $35,942,053 in the last ninety days. Corporate insiders own 1.40% of the company's stock.

SiTime Trading Up 1.2%

Shares of NASDAQ:SITM opened at $729.89 on Friday. The stock has a fifty day simple moving average of $618.04 and a two-hundred day simple moving average of $451.56. The stock has a market capitalization of $19.27 billion, a price-to-earnings ratio of -722.66 and a beta of 2.94. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $113.57 million during the quarter, compared to analysts' expectations of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The firm's quarterly revenue was up 88.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.26 earnings per share. As a group, equities research analysts predict that SiTime Corporation will post 3.23 EPS for the current year.

About SiTime

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.

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