Bank of America Corp DE Decreases Stock Position in SiTime Co. (NASDAQ:SITM)

Bank of America Corp DE lowered its holdings in shares of SiTime Co. (NASDAQ:SITM - Free Report) by 41.2% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,295 shares of the company's stock after selling 19,148 shares during the quarter. Bank of America Corp DE owned approximately 0.12% of SiTime worth $5,856,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Mutual of America Capital Management LLC increased its position in shares of SiTime by 1.7% during the 4th quarter. Mutual of America Capital Management LLC now owns 2,866 shares of the company's stock valued at $615,000 after purchasing an additional 48 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of SiTime by 0.5% during the 4th quarter. State of Alaska Department of Revenue now owns 10,755 shares of the company's stock valued at $2,307,000 after purchasing an additional 57 shares during the last quarter. Blue Trust Inc. increased its position in shares of SiTime by 44.7% during the 4th quarter. Blue Trust Inc. now owns 217 shares of the company's stock valued at $47,000 after purchasing an additional 67 shares during the last quarter. Summit Investment Advisors Inc. increased its position in shares of SiTime by 4.5% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the company's stock valued at $417,000 after purchasing an additional 83 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of SiTime by 1.9% during the 4th quarter. Arizona State Retirement System now owns 5,368 shares of the company's stock valued at $1,152,000 after purchasing an additional 99 shares during the last quarter. Hedge funds and other institutional investors own 84.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Raymond James reiterated an "outperform" rating and set a $250.00 price objective (up from $215.00) on shares of SiTime in a research note on Thursday, February 6th. Needham & Company LLC boosted their price objective on SiTime from $225.00 to $250.00 and gave the company a "buy" rating in a research note on Thursday, February 6th. Barclays boosted their price objective on SiTime from $110.00 to $135.00 and gave the company an "underweight" rating in a research note on Thursday, May 8th. Finally, Stifel Nicolaus boosted their price objective on SiTime from $180.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $215.00.

Insider Transactions at SiTime

In other news, insider Fariborz Assaderaghi sold 1,267 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $147.80, for a total transaction of $187,262.60. Following the sale, the insider now directly owns 113,584 shares of the company's stock, valued at $16,787,715.20. This represents a 1.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Torsten Kreindl sold 950 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $207.00, for a total value of $196,650.00. Following the sale, the director now directly owns 12,561 shares in the company, valued at $2,600,127. This trade represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,495 shares of company stock valued at $9,500,531 in the last ninety days. Corporate insiders own 2.10% of the company's stock.

SiTime Stock Down 1.5%

SITM stock traded down $2.97 during midday trading on Friday, hitting $194.11. The company's stock had a trading volume of 314,794 shares, compared to its average volume of 246,617. SiTime Co. has a 12 month low of $105.40 and a 12 month high of $268.18. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of -47.93 and a beta of 2.24. The company has a 50 day moving average of $163.12 and a two-hundred day moving average of $190.61.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.15. SiTime had a negative return on equity of 10.12% and a negative net margin of 46.18%. The business had revenue of $60.31 million during the quarter, compared to the consensus estimate of $54.01 million. During the same period in the prior year, the company posted ($0.08) EPS. The firm's revenue for the quarter was up 82.7% compared to the same quarter last year. On average, analysts anticipate that SiTime Co. will post -2.44 earnings per share for the current fiscal year.

About SiTime

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.