Berkshire Capital Holdings Inc. Buys New Position in SiTime Corporation $SITM

Key Points

• Berkshire Capital Holdings Inc. opened a new position in SiTime during the fourth quarter, buying 8,180 shares valued at about $2.89 million. The stake represents roughly 1.0% of its portfolio and makes SiTime its 20th largest holding.
• SiTime reported better-than-expected quarterly results, posting $1.44 EPS versus the $1.14 consensus and revenue of $113.57 million versus expectations of $103.51 million. Revenue jumped 88.3% year over year.
• Despite strong fundamentals and upbeat analyst price targets, insiders have been selling shares recently, including two directors who trimmed their holdings. The stock was also highlighted as volatile, with a 52-week range of $186.49 to $901.81.

Berkshire Capital Holdings Inc. bought a new position in SiTime Corporation (NASDAQ:SITM - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 8,180 shares of the company's stock, valued at approximately $2,889,000. SiTime makes up 1.0% of Berkshire Capital Holdings Inc.'s investment portfolio, making the stock its 20th largest holding.

A number of other large investors also recently modified their holdings of the company. Royal Bank of Canada raised its position in SiTime by 12.5% in the 1st quarter. Royal Bank of Canada now owns 4,411 shares of the company's stock valued at $675,000 after buying an additional 491 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of SiTime by 33.6% during the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock worth $54,000 after acquiring an additional 88 shares during the period. AQR Capital Management LLC boosted its stake in SiTime by 310.8% in the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company's stock worth $1,557,000 after purchasing an additional 8,136 shares during the period. Intech Investment Management LLC boosted its stake in SiTime by 21.6% in the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company's stock worth $1,272,000 after purchasing an additional 1,477 shares during the period. Finally, M&T Bank Corp bought a new position in SiTime in the 2nd quarter worth about $240,000. 84.31% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Torsten Kreindl sold 710 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $720.00, for a total value of $511,200.00. Following the completion of the sale, the director directly owned 13,141 shares of the company's stock, valued at $9,461,520. This trade represents a 5.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Raman Chitkara sold 501 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $425.03, for a total value of $212,940.03. Following the sale, the director directly owned 21,508 shares of the company's stock, valued at $9,141,545.24. This represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 12,610 shares of company stock worth $6,210,444. 1.40% of the stock is currently owned by company insiders.

SiTime Stock Up 2.4%

Shares of SITM opened at $728.56 on Friday. The business has a 50-day simple moving average of $510.07 and a two-hundred day simple moving average of $408.52. The stock has a market cap of $19.23 billion, a price-to-earnings ratio of -721.35 and a beta of 2.91. SiTime Corporation has a 52 week low of $186.49 and a 52 week high of $901.81.

SiTime (NASDAQ:SITM - Get Free Report) last issued 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. 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 business's quarterly revenue was up 88.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 earnings per share. On average, equities analysts anticipate that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SITM. Weiss Ratings reiterated a "sell (d-)" rating on shares of SiTime in a research report on Tuesday, April 21st. Wall Street Zen upgraded SiTime from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Stifel Nicolaus boosted their price objective on SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Roth Mkm reissued a "buy" rating and set a $900.00 target price on shares of SiTime in a research note on Thursday, May 7th. Finally, UBS Group boosted their target price on SiTime from $675.00 to $775.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $661.88.

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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