Geode Capital Management LLC Purchases 15,850 Shares of SiTime Corporation $SITM

Key Points

• Geode Capital Management increased its SiTime stake by 3.0% in the fourth quarter, buying 15,850 shares and bringing its total holding to 539,425 shares worth about $190.6 million.
• Wall Street sentiment on SiTime is broadly positive, with multiple firms raising price targets and ratings; the consensus rating is Moderate Buy and the average price target is $661.88.
• SiTime reported strong quarterly results, beating earnings and revenue estimates, with EPS of $1.44 and revenue up 88.3% year over year, though insiders have recently sold shares.

Geode Capital Management LLC grew its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 3.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 539,425 shares of the company's stock after buying an additional 15,850 shares during the period. Geode Capital Management LLC owned approximately 2.07% of SiTime worth $190,550,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SITM. Rakuten Securities Inc. increased its position in SiTime by 188.5% during the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company's stock worth $26,000 after buying an additional 49 shares during the period. Hantz Financial Services Inc. increased its position in SiTime by 190.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company's stock worth $27,000 after buying an additional 59 shares during the period. Optiver Holding B.V. increased its position in SiTime by 56.1% during the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company's stock worth $27,000 after buying an additional 32 shares during the period. Larson Financial Group LLC increased its position in SiTime by 3,200.0% during the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company's stock worth $30,000 after buying an additional 96 shares during the period. Finally, Danske Bank A S bought a new position in SiTime during the 4th quarter worth $35,000. Institutional investors own 84.31% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SITM. Zacks Research upgraded SiTime from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 15th. UBS Group increased their price objective on SiTime from $675.00 to $775.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. The Goldman Sachs Group restated a "buy" rating and issued a $800.00 price target on shares of SiTime in a research report on Thursday, May 7th. Barclays upgraded 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. Finally, Needham & Company LLC raised their price target on SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $661.88.

SiTime Stock Performance

Shares of NASDAQ SITM opened at $712.75 on Thursday. SiTime Corporation has a 52 week low of $186.49 and a 52 week high of $901.81. The stock has a market capitalization of $18.82 billion, a P/E ratio of -705.69 and a beta of 2.94. The stock's fifty day moving average is $570.24 and its 200 day moving average is $432.38.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings data 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 business had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.SiTime's revenue was up 88.3% compared to the same quarter last year. During the same period last year, the firm posted $0.26 earnings per share. Equities research analysts forecast that SiTime Corporation will post 3.23 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Torsten Kreindl sold 710 shares of the firm's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $720.00, for a total value of $511,200.00. Following the sale, the director directly owned 13,141 shares of the company's stock, valued at $9,461,520. This trade represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Akira Takata sold 1,500 shares of the firm's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total value of $1,291,290.00. Following the completion of the sale, the director directly owned 12,234 shares in the company, valued at $10,531,761.24. This trade represents a 10.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 10,334 shares of company stock valued at $6,290,953. 1.40% of the stock is owned by corporate insiders.

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.

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.