HighTower Advisors LLC Grows Position in SiTime Corporation $SITM

Key Points

• HighTower Advisors LLC increased its stake in SiTime Corporation by 12.8%, acquiring an additional 1,562 shares, bringing its total ownership to 13,730 shares valued at approximately $2,099,000.
• Significant activity from other institutional investors included GAMMA Investing LLC growing its stake by 27,559.1%, resulting in ownership of 261,102 shares worth around $39.9 million.
• SiTime's stock price rose 7.6% to approximately $240.98, following positive quarterly earnings that exceeded analysts' expectations, with a revenue increase of 58.3% year-over-year.

HighTower Advisors LLC grew its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 12.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,730 shares of the company's stock after purchasing an additional 1,562 shares during the period. HighTower Advisors LLC owned approximately 0.06% of SiTime worth $2,099,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of SiTime by 80.9% in the first quarter. GAMMA Investing LLC now owns 1,708 shares of the company's stock valued at $261,000 after buying an additional 764 shares in the last quarter. Rhumbline Advisers increased its stake in SiTime by 0.9% during the first quarter. Rhumbline Advisers now owns 51,143 shares of the company's stock worth $7,818,000 after acquiring an additional 440 shares during the last quarter. Millennium Management LLC boosted its position in shares of SiTime by 205.0% in the fourth quarter. Millennium Management LLC now owns 7,344 shares of the company's stock worth $1,576,000 after buying an additional 4,936 shares during the period. Tidal Investments LLC purchased a new position in SiTime in the fourth quarter valued at about $217,000. Finally, Balyasny Asset Management L.P. bought a new position in SiTime during the 4th quarter worth approximately $318,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on SITM shares. Stifel Nicolaus raised their target price on SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a research report on Friday, July 18th. UBS Group assumed coverage on SiTime in a research note on Thursday, August 14th. They set a "buy" rating and a $260.00 price target for the company. Finally, Barclays lifted their price objective on SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research note on Thursday, August 7th. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $240.00.

Insider Buying and Selling at SiTime

In other news, insider Fariborz Assaderaghi sold 1,000 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $201.36, for a total transaction of $201,360.00. Following the completion of the transaction, the insider directly owned 101,319 shares in the company, valued at approximately $20,401,593.84. This represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Elizabeth A. Howe sold 1,500 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $208.00, for a total transaction of $312,000.00. Following the completion of the sale, the executive vice president directly owned 71,474 shares in the company, valued at approximately $14,866,592. This represents a 2.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,861 shares of company stock valued at $5,006,357. 2.30% of the stock is currently owned by insiders.

SiTime Stock Up 6.2%

Shares of SITM traded up $14.31 during trading hours on Tuesday, reaching $245.94. The stock had a trading volume of 538,116 shares, compared to its average volume of 414,795. The firm has a 50-day moving average of $211.65 and a 200 day moving average of $185.52. The company has a market cap of $6.39 billion, a P/E ratio of -70.67 and a beta of 2.20. SiTime Corporation has a 52 week low of $105.40 and a 52 week high of $268.18.

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

SiTime Company 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.