Hanseatic Management Services Inc. Invests $1.11 Million in SiTime Corporation $SITM

Key Points

• Hanseatic Management Services opened a new position in SiTime during the first quarter, buying 3,225 shares worth about $1.11 million.
• SiTime continues to draw strong institutional interest, with hedge funds and asset managers holding 84.31% of the stock overall.
• Wall Street remains broadly bullish: analysts have a Moderate Buy consensus, and SiTime recently beat earnings estimates with 88.3% year-over-year revenue growth in its latest quarter.

Hanseatic Management Services Inc. acquired a new position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,225 shares of the company's stock, valued at approximately $1,114,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SITM. Vanguard Group Inc. raised its position in shares of SiTime by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company's stock worth $997,904,000 after purchasing an additional 61,336 shares during the period. Invesco Ltd. grew its position in shares of SiTime by 1.8% in the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company's stock valued at $312,550,000 after purchasing an additional 18,165 shares during the period. State Street Corp increased its stake in SiTime by 3.7% during the 2nd quarter. State Street Corp now owns 911,280 shares of the company's stock worth $194,176,000 after purchasing an additional 32,178 shares in the last quarter. Ameriprise Financial Inc. increased its stake in SiTime by 22.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company's stock worth $156,887,000 after purchasing an additional 132,948 shares in the last quarter. Finally, Whale Rock Capital Management LLC increased its stake in SiTime by 45.4% during the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company's stock worth $246,717,000 after purchasing an additional 218,038 shares in the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SITM has been the topic of a number of research reports. UBS Group lifted their price target on shares of SiTime from $675.00 to $775.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Roth Capital reissued a "buy" rating and set a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of SiTime from a "hold" rating to a "buy" rating in a report on Sunday, July 12th. Needham & Company LLC boosted their price objective on shares of SiTime from $450.00 to $850.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Finally, Barclays upgraded SiTime from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $400.00 to $850.00 in a report on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $661.88.

SiTime Trading Down 1.7%

Shares of SITM opened at $554.97 on Friday. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81. The firm has a fifty day simple moving average of $694.08 and a 200 day simple moving average of $506.38. The stock has a market capitalization of $14.65 billion, a price-to-earnings ratio of -549.48 and a beta of 2.91.

SiTime (NASDAQ:SITM - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. During the same quarter last year, the firm earned $0.26 earnings per share. The firm's revenue for the quarter was up 88.3% compared to the same quarter last year. As a group, research analysts predict that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Insider Activity at SiTime

In related news, Director Akira Takata sold 1,500 shares of the company's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the sale, the director owned 12,234 shares in the company, valued at approximately $10,531,761.24. This represents a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Christine Heckart sold 1,290 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $700.00, for a total value of $903,000.00. Following the transaction, the director directly owned 790 shares of the company's stock, valued at $553,000. This trade represents a 62.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 69,709 shares of company stock worth $50,230,546. Corporate insiders own 1.40% of the company's stock.

About SiTime

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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