Driehaus Capital Management LLC Lowers Position in SiTime Corporation $SITM

Key Points

• Driehaus Capital Management LLC significantly reduced its stake in SiTime Corporation by 67.4%, selling 259,666 shares, and now holds only 125,659 shares valued at approximately $19.2 million.
• SiTime Corporation reported a quarterly revenue of $69.49 million, exceeding analyst expectations, with earnings per share of $0.47, up from $0.12 in the same quarter last year.
• Institutional investors control 84.31% of SiTime's stock, reflecting a strong interest in the company despite recent insider selling by top executives.

Driehaus Capital Management LLC lowered its stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 67.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,659 shares of the company's stock after selling 259,666 shares during the quarter. Driehaus Capital Management LLC owned 0.53% of SiTime worth $19,209,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of SITM. Marshall Wace LLP bought a new stake in SiTime during the fourth quarter worth $236,000. First Trust Advisors LP grew its holdings in SiTime by 56.8% during the fourth quarter. First Trust Advisors LP now owns 19,950 shares of the company's stock worth $4,280,000 after buying an additional 7,225 shares in the last quarter. Hsbc Holdings PLC grew its holdings in SiTime by 84.6% during the fourth quarter. Hsbc Holdings PLC now owns 4,816 shares of the company's stock worth $1,043,000 after buying an additional 2,207 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in SiTime by 82.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 64,047 shares of the company's stock worth $13,741,000 after buying an additional 28,856 shares in the last quarter. Finally, Boothbay Fund Management LLC bought a new position in SiTime in the 4th quarter valued at $381,000. Institutional investors own 84.31% of the company's stock.

Analysts Set New Price Targets

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

SiTime Trading Down 3.4%

Shares of SITM stock traded down $7.92 on Wednesday, hitting $224.91. 172,659 shares of the stock were exchanged, compared to its average volume of 329,594. The firm has a market capitalization of $5.85 billion, a PE ratio of -64.63 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 firm's 50 day moving average is $212.44 and its two-hundred day moving average is $187.91.

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

Insider Buying and Selling

In related news, insider Fariborz Assaderaghi sold 1,000 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $201.36, for a total transaction of $201,360.00. Following the sale, the insider owned 101,319 shares of the company's stock, valued at approximately $20,401,593.84. This represents a 0.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Piyush B. Sevalia sold 1,039 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $220.00, for a total value of $228,580.00. Following the sale, the insider directly owned 85,516 shares in the company, valued at $18,813,520. This trade represents a 1.20% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,539 shares of company stock worth $3,751,940. Company insiders own 2.30% of the company's stock.

SiTime 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.