Bessemer Group Inc. Sells 3,862 Shares of SiTime Corporation $SITM

Key Points

• Bessemer Group Inc. cut its SiTime stake by 37.5% in the first quarter, selling 3,862 shares and leaving it with 6,428 shares valued at about $2.22 million.
• Analyst sentiment remains mostly positive, with eight Buy ratings, one Hold, and one Sell; the stock’s average target price stands at $661.88.
• SiTime reported strong quarterly results, including EPS of $1.44 versus $1.14 expected and revenue of $113.57 million, up 88.3% year over year.

Bessemer Group Inc. lessened its stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 37.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 6,428 shares of the company's stock after selling 3,862 shares during the quarter. Bessemer Group Inc.'s holdings in SiTime were worth $2,221,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SITM. Rakuten Securities Inc. grew its stake in SiTime by 188.5% in the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company's stock valued at $26,000 after buying an additional 49 shares during the last quarter. Larson Financial Group LLC raised its holdings in SiTime by 3,200.0% in the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company's stock valued at $30,000 after acquiring an additional 96 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in SiTime during the fourth quarter worth approximately $33,000. Danske Bank A S acquired a new stake in SiTime during the fourth quarter worth approximately $35,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of SiTime during the fourth quarter worth approximately $41,000. Institutional investors and hedge funds own 84.31% of the company's stock.

Analysts Set New Price Targets

SITM has been the topic of several research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SiTime in a research report on Friday, July 17th. The Goldman Sachs Group reissued a "buy" rating and set a $800.00 price target on shares of SiTime in a report on Thursday, May 7th. Zacks Research downgraded SiTime from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. UBS Group upped their price objective on SiTime from $675.00 to $775.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Finally, Stifel Nicolaus increased their price objective on SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, SiTime has an average rating of "Moderate Buy" and an average target price of $661.88.

Insiders Place Their Bets

In other SiTime news, Director Christine Heckart sold 1,290 shares of SiTime 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 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Raman Chitkara sold 2,000 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $727.38, for a total value of $1,454,760.00. Following the sale, the director owned 19,898 shares of the company's stock, valued at approximately $14,473,407.24. The trade was a 9.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 69,709 shares of company stock valued at $50,230,546 in the last quarter. Company insiders own 1.40% of the company's stock.

SiTime Stock Up 0.1%

NASDAQ SITM opened at $590.67 on Thursday. The company has a market capitalization of $15.59 billion, a P/E ratio of -584.82 and a beta of 2.91. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81. The firm has a 50-day moving average price of $677.12 and a two-hundred day moving average price of $512.03.

SiTime (NASDAQ:SITM - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The firm had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. During the same quarter in the prior year, the business posted $0.26 EPS. The business's revenue was up 88.3% compared to the same quarter last year. Equities analysts expect 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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