Bank of New York Mellon Corp Boosts Stock Holdings in SiTime Corporation $SITM

Key Points

• Bank of New York Mellon increased its SiTime stake by 16.9% in the fourth quarter, holding 353,960 shares valued at about $125.0 million.
• SiTime posted strong quarterly results, with EPS of $1.44 topping estimates and revenue of $113.57 million, up 88.3% year over year.
• Despite the earnings beat, the stock was cited as down 11.5%, and recent insider selling included CEO Rajesh Vashist and Director Christine Heckart reducing their holdings.

Bank of New York Mellon Corp grew its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 16.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 353,960 shares of the company's stock after acquiring an additional 51,295 shares during the quarter. Bank of New York Mellon Corp owned 1.36% of SiTime worth $125,015,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of SITM. Norges Bank bought a new stake in shares of SiTime during the 4th quarter worth $83,977,000. Wellington Management Group LLP raised its stake in shares of SiTime by 36.8% during the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company's stock worth $162,027,000 after purchasing an additional 144,671 shares during the period. Ameriprise Financial Inc. raised its stake in SiTime by 22.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company's stock valued at $156,887,000 after acquiring an additional 132,948 shares during the period. FengHe Fund Management Pte. Ltd. bought a new stake in SiTime in the 4th quarter valued at about $45,346,000. Finally, Vanguard Group Inc. raised its stake in SiTime by 4.7% in the 3rd quarter. Vanguard Group Inc. now owns 2,764,066 shares of the company's stock valued at $832,841,000 after acquiring an additional 123,287 shares during the period. 84.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SITM has been the topic of a number of research reports. Wall Street Zen upgraded SiTime from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Roth Mkm restated a "buy" rating and issued a $900.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Stifel Nicolaus boosted their price objective on SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Weiss Ratings restated a "sell (d-)" rating on shares of SiTime in a research note on Tuesday, April 21st. Finally, Barclays upgraded SiTime from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. One investment 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 MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $661.88.

SiTime Stock Down 11.5%

Shares of SITM opened at $625.68 on Friday. The business's 50-day moving average price is $582.71 and its 200-day moving average price is $436.70. SiTime Corporation has a twelve month low of $186.49 and a twelve month high of $901.81. The stock has a market cap of $16.52 billion, a PE ratio of -619.49 and a beta of 2.94.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $113.57 million for the quarter, compared to analysts' expectations of $103.51 million. During the same period in the prior year, the business posted $0.26 earnings per share. The company's revenue was up 88.3% on a year-over-year basis. Analysts expect that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Insider Activity at SiTime

In other news, CEO Rajesh Vashist sold 30,000 shares of the business's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $701.13, for a total transaction of $21,033,900.00. Following the completion of the transaction, the chief executive officer owned 402,898 shares of the company's stock, valued at approximately $282,483,874.74. The trade was a 6.93% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Heckart sold 1,290 shares of the business's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $700.00, for a total value of $903,000.00. Following the transaction, 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. Insiders have sold 52,624 shares of company stock valued at $35,942,053 in the last ninety days. Insiders own 1.40% of the company's stock.

SiTime 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.

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