K.J. Harrison & Partners Inc Makes New $764,000 Investment in SiTime Corporation (NASDAQ:SITM)

K.J. Harrison & Partners Inc purchased a new position in SiTime Corporation (NASDAQ:SITM - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,000 shares of the company's stock, valued at approximately $764,000.

Several other institutional investors and hedge funds also recently modified their holdings of SITM. Smartleaf Asset Management LLC increased its stake in SiTime by 278.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 280 shares of the company's stock valued at $60,000 after buying an additional 206 shares during the period. Proficio Capital Partners LLC acquired a new stake in SiTime in the fourth quarter worth approximately $4,418,000. M&T Bank Corp acquired a new position in shares of SiTime during the 4th quarter valued at $235,000. Wells Fargo & Company MN lifted its holdings in shares of SiTime by 25.5% in the fourth quarter. Wells Fargo & Company MN now owns 14,788 shares of the company's stock valued at $3,172,000 after buying an additional 3,004 shares during the period. Finally, Rhumbline Advisers boosted its stake in SiTime by 0.9% during the first quarter. Rhumbline Advisers now owns 51,143 shares of the company's stock valued at $7,818,000 after buying an additional 440 shares in the last quarter. Institutional investors own 84.31% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SITM shares. Barclays lifted their price objective on shares of SiTime from $135.00 to $180.00 and gave the stock an "underweight" rating in a research note on Wednesday, June 11th. Stifel Nicolaus raised their price objective on SiTime from $180.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, SiTime currently has a consensus rating of "Moderate Buy" and a consensus target price of $224.00.

Insider Activity

In related news, CEO Rajesh Vashist sold 20,000 shares of SiTime stock in a transaction on Friday, May 16th. The stock was sold at an average price of $210.65, for a total transaction of $4,213,000.00. Following the completion of the sale, the chief executive officer owned 490,320 shares of the company's stock, valued at approximately $103,285,908. This trade represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Fariborz Assaderaghi sold 5,112 shares of the company's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $205.53, for a total value of $1,050,669.36. Following the completion of the transaction, the insider directly owned 107,204 shares in the company, valued at approximately $22,033,638.12. The trade was a 4.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 63,818 shares of company stock valued at $13,171,258 in the last three months. 2.30% of the stock is currently owned by insiders.

SiTime Trading Up 1.6%

NASDAQ:SITM traded up $3.21 during trading hours on Wednesday, hitting $209.36. 365,999 shares of the stock traded hands, compared to its average volume of 326,308. The firm has a 50 day moving average price of $196.69 and a 200 day moving average price of $189.75. The firm has a market cap of $4.97 billion, a price-to-earnings ratio of -55.09 and a beta of 2.21. SiTime Corporation has a fifty-two week low of $105.40 and a fifty-two week high of $268.18.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.15. The firm had revenue of $60.31 million during the quarter, compared to the consensus estimate of $54.01 million. SiTime had a negative return on equity of 9.43% and a negative net margin of 38.60%. The business's revenue for the quarter was up 82.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.08) EPS. Research analysts predict that SiTime Corporation will post -2.44 EPS for the current year.

About SiTime

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.