Bank of New York Mellon Corp Acquires 18,983 Shares of SiTime Corporation $SITM

Key Points

• Bank of New York Mellon increased its SiTime stake by 5.4% in the first quarter, buying 18,983 shares and bringing its total holdings to 372,943 shares worth about $128.8 million.
• SiTime reported strong quarterly results, with EPS of $1.44 and revenue of $113.57 million, both beating analyst expectations and revenue jumping 88.3% from a year earlier.
• Analyst sentiment remains generally positive, with eight Buy ratings and an average target price of $661.88, though some insiders recently sold shares and one firm downgraded the stock to Hold.

Bank of New York Mellon Corp raised its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 372,943 shares of the company's stock after buying an additional 18,983 shares during the period. Bank of New York Mellon Corp owned about 1.41% of SiTime worth $128,796,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Los Angeles Capital Management LLC increased its holdings in shares of SiTime by 0.3% in the fourth quarter. Los Angeles Capital Management LLC now owns 9,023 shares of the company's stock worth $3,187,000 after buying an additional 25 shares during the period. Atlas Brown Inc. boosted its holdings in SiTime by 1.6% during the 4th quarter. Atlas Brown Inc. now owns 2,292 shares of the company's stock valued at $810,000 after acquiring an additional 37 shares during the period. CWM LLC boosted its holdings in SiTime by 4.2% during the 4th quarter. CWM LLC now owns 951 shares of the company's stock valued at $336,000 after acquiring an additional 38 shares during the period. Corient Private Wealth LLC grew its position in SiTime by 5.9% during the 4th quarter. Corient Private Wealth LLC now owns 703 shares of the company's stock worth $249,000 after acquiring an additional 39 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in SiTime by 7.7% during the 2nd quarter. Lazard Asset Management LLC now owns 654 shares of the company's stock worth $139,000 after acquiring an additional 47 shares during the last quarter. 84.31% of the stock is owned by institutional investors.

SiTime Price Performance

NASDAQ SITM opened at $554.97 on Monday. The stock has a market capitalization of $14.65 billion, a PE ratio of -549.48 and a beta of 2.91. SiTime Corporation has a 1 year low of $186.49 and a 1 year high of $901.81. The business's 50-day moving average is $694.08 and its 200 day moving average is $507.34.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly 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 company had revenue of $113.57 million for the quarter, compared to the consensus estimate of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.SiTime's 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 EPS. As a group, equities research analysts anticipate that SiTime Corporation will post 3.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Barclays raised SiTime from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Zacks Research cut shares of SiTime from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Needham & Company LLC lifted their target price 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. Stifel Nicolaus lifted their target price on shares of SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of SiTime in a report on Tuesday, April 21st. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $661.88.

Insider Transactions at SiTime

In related news, CEO Rajesh Vashist sold 5,000 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $750.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the chief executive officer owned 9,781 shares in the company, valued at $7,335,750. This represents a 33.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Heckart sold 1,290 shares of the firm's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $700.00, for a total value of $903,000.00. Following the completion of the sale, the director directly owned 790 shares of the company's stock, valued at $553,000. The trade was a 62.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 69,709 shares of company stock worth $50,230,546. Corporate insiders own 1.40% of the company's stock.

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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