Hsbc Holdings PLC Sells 1,822 Shares of SiTime Corporation $SITM

Hsbc Holdings PLC trimmed its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 37.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,994 shares of the company's stock after selling 1,822 shares during the period. Hsbc Holdings PLC's holdings in SiTime were worth $443,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of SITM. GAMMA Investing LLC raised its holdings in SiTime by 27,559.1% in the first quarter. GAMMA Investing LLC now owns 261,102 shares of the company's stock valued at $39,915,000 after acquiring an additional 260,158 shares in the last quarter. Neuberger Berman Group LLC boosted its holdings in shares of SiTime by 360.8% in the first quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company's stock worth $20,670,000 after buying an additional 105,868 shares during the period. Wellington Management Group LLP boosted its holdings in shares of SiTime by 41.9% in the first quarter. Wellington Management Group LLP now owns 277,590 shares of the company's stock worth $42,435,000 after buying an additional 82,017 shares during the period. Driehaus Capital Management LLC boosted its holdings in shares of SiTime by 24.2% in the fourth quarter. Driehaus Capital Management LLC now owns 385,325 shares of the company's stock worth $82,664,000 after buying an additional 75,192 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in shares of SiTime by 16.1% in the fourth quarter. Ameriprise Financial Inc. now owns 515,735 shares of the company's stock worth $110,641,000 after buying an additional 71,658 shares during the period. Institutional investors and hedge funds own 84.31% of the company's stock.

SiTime Price Performance

SiTime stock traded up $4.27 during mid-day trading on Friday, hitting $234.77. 204,562 shares of the company's stock traded hands, compared to its average volume of 355,512. SiTime Corporation has a fifty-two week low of $105.40 and a fifty-two week high of $268.18. The stock has a market cap of $6.10 billion, a price-to-earnings ratio of -67.46 and a beta of 2.18. The firm has a 50 day simple moving average of $213.72 and a two-hundred day simple moving average of $188.88.

SiTime (NASDAQ:SITM - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.18. The firm had revenue of $69.49 million for the quarter, compared to analysts' expectations of $64.66 million. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The business's revenue for the quarter was up 58.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.12 earnings per share. On average, research analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SITM has been the topic of several recent research reports. Stifel Nicolaus raised their price objective on shares of SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Raymond James Financial reissued an "outperform" rating and issued a $270.00 price target (up previously from $250.00) on shares of SiTime in a report on Friday, August 29th. UBS Group started coverage on shares of SiTime in a report on Thursday, August 14th. They issued a "buy" rating and a $260.00 target price on the stock. Finally, Barclays upped their price target on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research report on Thursday, August 7th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, SiTime presently has a consensus rating of "Moderate Buy" and a consensus target price of $243.33.

Insider Transactions at SiTime

In other news, EVP Elizabeth A. Howe sold 1,500 shares of the 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 transaction, the executive vice president owned 71,474 shares in the company, valued at approximately $14,866,592. This represents a 2.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $234.00, for a total value of $702,000.00. Following the sale, the insider owned 93,433 shares of the company's stock, valued at approximately $21,863,322. This trade represents a 3.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,539 shares of company stock valued at $5,201,900 over the last ninety days. Company insiders own 2.10% of the company's stock.

SiTime 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.