HighTower Advisors LLC Sells 14,102 Shares of SiTime Corporation $SITM

Key Points

• HighTower Advisors LLC cut its stake in SiTime by 46.4% in the fourth quarter, selling 14,102 shares and leaving it with 16,266 shares valued at about $5.75 million.
• SiTime’s latest earnings beat expectations, with Q1 EPS of $1.44 versus the $1.14 estimate and revenue of $113.57 million, up 88.3% year over year.
• Insider selling and mixed analyst views were also notable: directors Torsten Kreindl and Akira Takata sold shares, while analysts currently hold a consensus rating of “Moderate Buy” with a target price of $661.88.

HighTower Advisors LLC decreased its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 46.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,266 shares of the company's stock after selling 14,102 shares during the period. HighTower Advisors LLC owned 0.06% of SiTime worth $5,745,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of SiTime by 2.2% in 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 in the last quarter. Invesco Ltd. increased its stake in shares of SiTime by 1.8% in the third quarter. Invesco Ltd. now owns 1,037,305 shares of the company's stock worth $312,550,000 after purchasing an additional 18,165 shares in the last quarter. State Street Corp increased its stake in shares of SiTime by 3.7% in the second 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 shares of SiTime by 22.0% in the second 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, Wellington Management Group LLP increased its stake in shares of SiTime by 36.8% in the third quarter. Wellington Management Group LLP now owns 537,741 shares of the company's stock worth $162,027,000 after purchasing an additional 144,671 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company's stock.

SiTime Trading Down 2.3%

Shares of NASDAQ:SITM opened at $726.21 on Thursday. The company has a 50 day moving average of $534.22 and a 200 day moving average of $418.52. The stock has a market cap of $19.17 billion, a P/E ratio of -719.02 and a beta of 2.91. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81.

SiTime (NASDAQ:SITM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.14 by $0.30. The company had revenue of $113.57 million during the quarter, compared to analysts' expectations of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. SiTime's revenue for the quarter was up 88.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.26 earnings per share. On average, equities analysts forecast that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Insider Activity at SiTime

In related news, Director Torsten Kreindl sold 710 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $720.00, for a total transaction of $511,200.00. Following the completion of the transaction, the director owned 13,141 shares of the company's stock, valued at approximately $9,461,520. The trade was a 5.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Akira Takata sold 1,500 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 12,234 shares of the company's stock, valued at approximately $10,531,761.24. This represents a 10.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,335 shares of company stock valued at $5,434,813 in the last quarter. 1.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Needham & Company LLC lifted their target price on shares of SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Zacks Research upgraded shares of SiTime from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 15th. Stifel Nicolaus lifted their target price on shares of SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of SiTime in a research note on Tuesday, April 21st. Finally, Wall Street Zen upgraded shares of SiTime from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $661.88.

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.

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