Eventide Asset Management LLC Purchases 162,965 Shares of SiTime Corporation $SITM

Key Points

• Eventide Asset Management LLC significantly increased its stake in SiTime Corporation by 5,015.9%, owning 166,214 shares worth approximately $25.4 million.
• Insider activity saw Piyush B. Sevalia and CEO Rajesh Vashist selling 2,000 shares each, reflecting minor decreases in their ownership.
• Analysts have mostly rated SiTime with a "buy," with a consensus price target around $243.33, following a strong quarterly earnings report that exceeded expectations.

Eventide Asset Management LLC boosted its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 5,015.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 166,214 shares of the company's stock after purchasing an additional 162,965 shares during the quarter. Eventide Asset Management LLC owned about 0.70% of SiTime worth $25,408,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SITM. Fourth Dimension Wealth LLC bought a new stake in SiTime during the 4th quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new position in shares of SiTime during the 1st quarter worth about $32,000. Advisors Asset Management Inc. increased its stake in shares of SiTime by 33.6% in the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock valued at $54,000 after acquiring an additional 88 shares during the last quarter. CWM LLC raised its position in shares of SiTime by 69.0% in the 1st quarter. CWM LLC now owns 453 shares of the company's stock valued at $69,000 after acquiring an additional 185 shares during the period. Finally, Lazard Asset Management LLC bought a new position in SiTime during the 4th quarter worth approximately $81,000. 84.31% of the stock is owned by institutional investors.

SiTime Trading Up 0.5%

Shares of SiTime stock traded up $1.28 on Tuesday, reaching $245.85. 256,573 shares of the company were exchanged, compared to its average volume of 329,190. SiTime Corporation has a one year low of $105.40 and a one year high of $268.18. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of -70.65 and a beta of 2.18. The company has a 50-day moving average of $214.35 and a 200 day moving average of $189.48.

SiTime (NASDAQ:SITM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share 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 analyst estimates 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 revenue was up 58.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.12 EPS. Analysts predict that SiTime Corporation will post -2.44 earnings per share for the current year.

Insider Transactions at SiTime

In other news, CEO Rajesh Vashist sold 2,000 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $232.00, for a total transaction of $464,000.00. Following the sale, the chief executive officer directly owned 463,208 shares of the company's stock, valued at approximately $107,464,256. This represents a 0.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Elizabeth A. Howe sold 1,500 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $208.00, for a total value of $312,000.00. Following the sale, the executive vice president owned 71,474 shares of the company's stock, valued at approximately $14,866,592. This represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,539 shares of company stock worth $4,200,290. 2.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SITM. Barclays lifted their price objective on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research note on Thursday, August 7th. Stifel Nicolaus lifted their price objective on SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a report on Friday, July 18th. Raymond James Financial restated an "outperform" rating and issued a $270.00 target price (up previously from $250.00) on shares of SiTime in a research note on Friday, August 29th. Finally, UBS Group assumed coverage on SiTime in a research note on Thursday, August 14th. They issued a "buy" rating and a $260.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, SiTime currently has an average rating of "Moderate Buy" and a consensus target price of $243.33.

About SiTime

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.