Daiwa Securities Group Inc. Buys 35,824 Shares of SiTime Corporation $SITM

Key Points

• Daiwa Securities Group boosted its SiTime stake by 325.3% in the fourth quarter, buying 35,824 additional shares and bringing its total holdings to 46,838 shares worth about $16.5 million.
• SiTime’s latest quarterly results beat expectations, with earnings of $1.44 per share versus the $1.14 consensus and revenue of $113.57 million, up 88.3% year over year.
• Analysts remain broadly positive on the stock, with several raising price targets to as high as $850 and MarketBeat’s consensus rating standing at Moderate Buy; meanwhile, insiders sold shares in recent months, including CEO Rajesh Vashist’s 10,000-share sale.

Daiwa Securities Group Inc. grew its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 325.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,838 shares of the company's stock after purchasing an additional 35,824 shares during the quarter. Daiwa Securities Group Inc. owned approximately 0.18% of SiTime worth $16,543,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Rakuten Securities Inc. raised its position in shares of SiTime by 188.5% in the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 49 shares during the period. Optiver Holding B.V. increased its position in SiTime by 56.1% during the third quarter. Optiver Holding B.V. now owns 89 shares of the company's stock worth $27,000 after acquiring an additional 32 shares during the period. Hantz Financial Services Inc. increased its position in SiTime by 190.3% during the third quarter. Hantz Financial Services Inc. now owns 90 shares of the company's stock worth $27,000 after acquiring an additional 59 shares during the period. Larson Financial Group LLC increased its position in SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company's stock worth $30,000 after acquiring an additional 96 shares during the period. Finally, Danske Bank A S bought a new position in SiTime during the fourth quarter worth about $35,000. 84.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on SITM shares. Needham & Company LLC raised their price target on shares of SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SiTime in a research report on Tuesday, April 21st. Barclays raised shares of SiTime from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $400.00 to $850.00 in a research report on Thursday, May 7th. Stifel Nicolaus raised their price target on shares of SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $800.00 price target on shares of SiTime in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $661.88.

SiTime Stock Down 11.5%

Shares of SiTime stock opened at $625.68 on Friday. The company has a market capitalization of $16.52 billion, a price-to-earnings ratio of -619.49 and a beta of 2.94. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81. The firm's 50-day moving average price is $582.71 and its two-hundred day moving average price is $436.70.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $113.57 million for the quarter, compared to the consensus estimate of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business's revenue for the quarter was up 88.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. On average, sell-side analysts expect that SiTime Corporation will post 3.23 earnings per share for the current year.

Insider Activity

In other SiTime news, Director Torsten Kreindl sold 710 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $720.00, for a total transaction of $511,200.00. Following the sale, the director directly owned 13,141 shares in the company, valued at $9,461,520. This represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Rajesh Vashist sold 10,000 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $701.13, for a total transaction of $7,011,300.00. Following the sale, the chief executive officer owned 14,781 shares in the company, valued at $10,363,402.53. The trade was a 40.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 52,624 shares of company stock valued at $35,942,053. Company insiders own 1.40% of the company's stock.

SiTime Company 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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