Invesco Ltd. Reduces Holdings in SiTime Corporation $SITM

Key Points

• Invesco Ltd. reduced its stake in SiTime Corporation by 1.1% during the first quarter, now holding 972,419 shares valued at approximately $148.65 million.
• SiTime’s stock price dropped 2.3% to $221.44, while its market cap stands at $5.76 billion with a 52-week range between $105.40 and $268.18.
• Analysts have mixed views on SiTime, with upgrades from Barclays and Stifel Nicolaus, placing the average target price at $240.00 and a consensus rating of "Moderate Buy."

Invesco Ltd. trimmed its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 1.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 972,419 shares of the company's stock after selling 10,756 shares during the quarter. Invesco Ltd. owned 4.10% of SiTime worth $148,654,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in SITM. GAMMA Investing LLC increased its position in shares of SiTime by 27,559.1% during the first quarter. GAMMA Investing LLC now owns 261,102 shares of the company's stock worth $39,915,000 after acquiring an additional 260,158 shares during the period. Hood River Capital Management LLC increased its position in shares of SiTime by 27.0% during the fourth quarter. Hood River Capital Management LLC now owns 421,960 shares of the company's stock worth $90,523,000 after acquiring an additional 89,632 shares during the period. Capital World Investors purchased a new position in shares of SiTime during the fourth quarter worth approximately $17,654,000. Driehaus Capital Management LLC increased its position in shares of SiTime by 24.2% during the fourth quarter. Driehaus Capital Management LLC now owns 385,325 shares of the company's stock worth $82,664,000 after acquiring an additional 75,192 shares during the period. Finally, Ameriprise Financial Inc. increased its position in shares of SiTime by 16.1% during the fourth quarter. Ameriprise Financial Inc. now owns 515,735 shares of the company's stock worth $110,641,000 after acquiring an additional 71,658 shares during the period. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

SiTime Stock Performance

Shares of NASDAQ SITM traded up $4.55 during midday trading on Monday, reaching $225.99. 167,188 shares of the stock were exchanged, compared to its average volume of 326,404. The stock has a market capitalization of $5.88 billion, a P/E ratio of -64.79 and a beta of 2.20. The company has a 50 day simple moving average of $209.73 and a 200 day simple moving average of $184.02. SiTime Corporation has a twelve month low of $105.40 and a twelve month high of $268.18.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly 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. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%. The firm had revenue of $69.49 million during the quarter, compared to the consensus estimate of $64.66 million. During the same period in the prior year, the company posted $0.12 earnings per share. The firm's quarterly revenue was up 58.3% compared to the same quarter last year. On average, research analysts expect that SiTime Corporation will post -2.44 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Piyush B. Sevalia sold 1,039 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $220.00, for a total transaction of $228,580.00. Following the completion of the transaction, the insider directly owned 85,516 shares of the company's stock, valued at $18,813,520. This represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Samsheer Ahamad sold 4,000 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $200.00, for a total transaction of $800,000.00. Following the transaction, the insider owned 72,021 shares in the company, valued at $14,404,200. The trade was a 5.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,645 shares of company stock valued at $7,629,780. 2.30% of the stock is owned by insiders.

Analyst Ratings Changes

SITM has been the topic of a number of research reports. Stifel Nicolaus raised their target price on shares of SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. UBS Group started coverage on shares of SiTime in a report on Thursday. They set a "buy" rating and a $260.00 price objective on the stock. Finally, Barclays lifted their price objective on shares of SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $240.00.

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.