Cinctive Capital Management LP Takes $4.84 Million Position in SiTime Corporation $SITM

Key Points

• Cinctive Capital Management LP has acquired a new position in SiTime Corporation, purchasing 31,643 shares valued at approximately $4.8 million, representing about 0.13% ownership.
• SiTime's earnings report showed a 58.3% year-over-year revenue increase, with earnings per share of $0.47, exceeding expectations of $0.29.
• Institutional investors currently own 84.31% of SiTime's stock, with significant recent activity from multiple hedge funds adjusting their holdings.

Cinctive Capital Management LP purchased a new stake in SiTime Corporation (NASDAQ:SITM - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 31,643 shares of the company's stock, valued at approximately $4,837,000. Cinctive Capital Management LP owned approximately 0.13% of SiTime at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Advisors Asset Management Inc. grew its holdings in SiTime by 33.6% in the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock valued at $54,000 after purchasing an additional 88 shares during the period. Xponance Inc. boosted its position in SiTime by 7.2% during the 1st quarter. Xponance Inc. now owns 1,419 shares of the company's stock valued at $217,000 after purchasing an additional 95 shares during the period. Vident Advisory LLC raised its holdings in shares of SiTime by 5.0% during the fourth quarter. Vident Advisory LLC now owns 2,199 shares of the company's stock valued at $472,000 after buying an additional 104 shares during the last quarter. Ellevest Inc. increased its holdings in shares of SiTime by 2.2% during the fourth quarter. Ellevest Inc. now owns 5,254 shares of the company's stock valued at $1,127,000 after purchasing an additional 113 shares during the period. Finally, Fourth Dimension Wealth LLC acquired a new stake in SiTime in the fourth quarter worth approximately $25,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

Insiders Place Their Bets

In related news, EVP Elizabeth A. Howe sold 1,500 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $208.00, for a total value of $312,000.00. Following the completion of the transaction, the executive vice president directly owned 71,474 shares in the company, valued at approximately $14,866,592. The trade was a 2.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Fariborz Assaderaghi sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $234.00, for a total value of $702,000.00. Following the completion of the sale, the insider directly owned 93,433 shares of the company's stock, valued at approximately $21,863,322. This represents a 3.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,539 shares of company stock worth $4,200,290 in the last three months. Insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

SITM has been the subject of a number of research reports. Raymond James Financial restated an "outperform" rating and issued a $270.00 price target (up previously from $250.00) on shares of SiTime in a research report on Friday, August 29th. Barclays increased their target price on SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a research note on Thursday, August 7th. UBS Group initiated coverage on shares of SiTime in a research report on Thursday, August 14th. They set a "buy" rating and a $260.00 target price on the stock. Finally, Stifel Nicolaus upped their price target on shares of SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, SiTime has a consensus rating of "Moderate Buy" and a consensus target price of $243.33.

SiTime Price Performance

NASDAQ SITM traded up $1.70 during mid-day trading on Tuesday, reaching $246.27. 255,465 shares of the stock were exchanged, compared to its average volume of 329,190. The stock has a market cap of $6.40 billion, a P/E ratio of -70.77 and a beta of 2.18. SiTime Corporation has a one year low of $105.40 and a one year high of $268.18. The stock has a 50 day simple moving average of $214.35 and a 200-day simple moving average of $189.48.

SiTime (NASDAQ:SITM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.18. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The business had revenue of $69.49 million for the quarter, compared to analyst estimates of $64.66 million. During the same period in the prior year, the firm earned $0.12 earnings per share. SiTime's revenue was up 58.3% on a year-over-year basis. Sell-side analysts anticipate that SiTime Corporation will post -2.44 EPS for the current fiscal year.

SiTime Company Profile

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.