Emerald Advisers LLC Decreases Stake in SiTime Corporation $SITM

Key Points

• Emerald Advisers LLC cut its SiTime stake by 25.6% in the first quarter, selling 22,570 shares and ending with 65,762 shares worth about $22.7 million.
• SiTime’s latest earnings topped expectations, with quarterly EPS of $1.44 versus $1.14 expected and revenue rising 88.3% year over year to $113.57 million.
• Analyst sentiment remains positive, with several firms raising price targets and the stock carrying a “Moderate Buy” consensus rating and average target of $661.88.

Emerald Advisers LLC lessened its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 25.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 65,762 shares of the company's stock after selling 22,570 shares during the quarter. Emerald Advisers LLC owned approximately 0.25% of SiTime worth $22,711,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SITM. Principal Financial Group Inc. boosted its position in SiTime by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 363,953 shares of the company's stock worth $128,545,000 after acquiring an additional 13,577 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in SiTime by 1,368.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 3,259 shares of the company's stock valued at $1,151,000 after acquiring an additional 3,037 shares during the last quarter. Stephens Investment Management Group LLC acquired a new stake in SiTime in the 1st quarter valued at about $24,135,000. FengHe Fund Management Pte. Ltd. purchased a new position in SiTime in the 4th quarter worth approximately $45,346,000. Finally, Berkshire Capital Holdings Inc. purchased a new position in SiTime in the 4th quarter worth approximately $2,889,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on SITM. UBS Group boosted their target price on SiTime from $675.00 to $775.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Roth Capital reaffirmed a "buy" rating and issued a $900.00 price target on shares of SiTime in a report on Thursday, May 7th. The Goldman Sachs Group reiterated a "buy" rating and set a $800.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Stifel Nicolaus boosted their price objective on SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, Wall Street Zen upgraded SiTime from a "hold" rating to a "buy" rating in a report on Sunday. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $661.88.

SiTime Stock Performance

Shares of SITM stock opened at $602.55 on Tuesday. The firm's 50 day moving average price is $703.97 and its 200-day moving average price is $501.33. SiTime Corporation has a one year low of $186.49 and a one year high of $901.81. The firm has a market cap of $15.91 billion, a P/E ratio of -596.58 and a beta of 2.91.

SiTime (NASDAQ:SITM - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.30. The firm had revenue of $113.57 million during 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 firm's revenue for the quarter was up 88.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 EPS. As a group, research analysts predict that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Insider Buying and Selling at SiTime

In other news, insider Fariborz Assaderaghi sold 1,709 shares of the firm's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $731.49, for a total transaction of $1,250,116.41. Following the completion of the transaction, the insider directly owned 81,436 shares in the company, valued at $59,569,619.64. This trade represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajesh Vashist sold 30,000 shares of SiTime stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $701.13, for a total value of $21,033,900.00. Following the completion of the sale, the chief executive officer directly owned 402,898 shares of the company's stock, valued at $282,483,874.74. The trade was a 6.93% 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. Over the last 90 days, insiders sold 72,128 shares of company stock valued at $51,401,463. Corporate insiders own 1.40% of the company's stock.

SiTime 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.