CenterBook Partners LP Sells 2,757 Shares of SiTime Corporation $SITM

Key Points

• CenterBook Partners cut its SiTime stake by 52.7%, selling 2,757 shares in the third quarter and retaining 2,478 shares valued at about $1.62 million.
• SiTime reported quarterly EPS of $4.01, beating the $3.62 consensus, while revenue rose 257.4% year over year to $298.67 million.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $687. The company also announced a 3-for-1 stock split.

CenterBook Partners LP cut its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 52.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,478 shares of the company's stock after selling 2,757 shares during the quarter. CenterBook Partners LP's holdings in SiTime were worth $1,616,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SITM. Root Financial Partners LLC bought a new position in SiTime during the 3rd quarter worth approximately $25,000. Parallel Advisors LLC grew its holdings in SiTime by 26.2% during the first quarter. Parallel Advisors LLC now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 16 shares during the period. USA Financial Formulas bought a new stake in SiTime in the first quarter valued at approximately $33,000. V Square Quantitative Management LLC bought a new stake in SiTime in the third quarter valued at approximately $35,000. Finally, Optiver Holding B.V. increased its stake in SiTime by 433.3% in the first quarter. Optiver Holding B.V. now owns 128 shares of the company's stock valued at $44,000 after purchasing an additional 104 shares in the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SITM has been the topic of several analyst reports. Wall Street Zen lowered shares of SiTime from a "buy" rating to a "hold" rating in a report on Saturday. Weiss Ratings lowered shares of SiTime from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, October 23rd. Barclays began coverage on shares of SiTime in a research report on Friday. They issued a "buy" rating for the company. Needham & Company LLC assumed coverage on SiTime in a research note on Thursday, November 5th. They set a "buy" rating and a $600.00 price objective on the stock. Finally, UBS Group dropped their price objective on SiTime from $750.00 to $650.00 and set a "buy" rating on the stock in a research note on Thursday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $687.00.

Insider Transactions at SiTime

In related news, Director Edward Frank sold 1,000 shares of the firm's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $745.00, for a total transaction of $745,000.00. Following the sale, the director directly owned 10,999 shares in the company, valued at $8,194,255. This trade represents a 8.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Rajesh Vashist sold 12,000 shares of the business's stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $603.47, for a total transaction of $7,241,640.00. Following the completion of the sale, the chief executive officer directly owned 345,544 shares in the company, valued at $208,525,437.68. This represents a 3.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 14,374 shares of company stock valued at $8,949,883 over the last quarter. Corporate insiders own 1.40% of the company's stock.

SiTime Price Performance

NASDAQ SITM opened at $457.05 on Tuesday. The business has a 50 day simple moving average of $560.20 and a 200 day simple moving average of $546.66. SiTime Corporation has a 52-week low of $243.68 and a 52-week high of $901.81. The company has a debt-to-equity ratio of 1.29, a quick ratio of 18.50 and a current ratio of 19.44. The stock has a market cap of $13.74 billion, a price-to-earnings ratio of 79.86 and a beta of 2.88.

SiTime shares are scheduled to split before the market opens on Monday, December 7th. The 3-1 split was recently announced. The newly created shares will be payable to shareholders after the market closes on Sunday, December 6th.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $4.01 earnings per share for the quarter, beating analysts' consensus estimates of $3.62 by $0.39. The firm had revenue of $298.67 million for the quarter, compared to analyst estimates of $292.65 million. SiTime had a net margin of 3.87% and a return on equity of 13.92%. The business's revenue was up 257.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.87 earnings per share. Analysts anticipate that SiTime Corporation will post 6.37 earnings per share for the current fiscal year.

SiTime Profile

SiTime Corporation develops silicon-based timing solutions using microelectromechanical systems (MEMS) technology. Its products include MEMS resonators, oscillators and clock generators, which provide timing signals used to synchronize electronic systems.

The company's components serve applications across communications, data centers, automotive, industrial, aerospace and defense, and consumer electronics. SiTime sells its products to customers and partners worldwide.

Founded in 2005, SiTime became part of Japan's MegaChips in 2014 and later became a publicly traded company.

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