Legato Capital Management LLC Boosts Holdings in SiTime Corporation $SITM

Key Points

• Legato Capital Management increased its SiTime stake by 171.1% in the fourth quarter, ending with 9,788 shares worth about $3.46 million.
• SiTime reported a strong quarterly beat, posting $1.44 EPS versus the $1.14 estimate and $113.57 million in revenue, up 88.3% year over year.
• Analysts remain generally positive on the stock after recent upgrades, with a consensus rating of Moderate Buy and an average price target of $661.88.

Legato Capital Management LLC raised its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 171.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,788 shares of the company's stock after acquiring an additional 6,178 shares during the quarter. Legato Capital Management LLC's holdings in SiTime were worth $3,457,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. FourThought Financial Partners LLC purchased a new position in SiTime during the 4th quarter valued at about $223,000. PNC Financial Services Group Inc. increased its holdings in SiTime by 7.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,300 shares of the company's stock valued at $812,000 after acquiring an additional 163 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in SiTime by 16.5% during the 4th quarter. Handelsbanken Fonder AB now owns 6,504 shares of the company's stock valued at $2,297,000 after acquiring an additional 920 shares in the last quarter. ProShare Advisors LLC increased its holdings in SiTime by 4.1% during the 4th quarter. ProShare Advisors LLC now owns 4,192 shares of the company's stock valued at $1,481,000 after acquiring an additional 164 shares in the last quarter. Finally, Cedar Wealth Management LLC increased its holdings in SiTime by 15.6% during the 4th quarter. Cedar Wealth Management LLC now owns 2,749 shares of the company's stock valued at $971,000 after acquiring an additional 372 shares in the last quarter. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

SiTime Price Performance

SiTime stock opened at $728.56 on Friday. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81. The stock has a market capitalization of $19.23 billion, a P/E ratio of -721.35 and a beta of 2.91. The firm's 50-day moving average is $510.07 and its two-hundred day moving average is $408.52.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company had revenue of $113.57 million for the quarter, compared to analysts' expectations of $103.51 million. During the same period last year, the company earned $0.26 EPS. The firm's revenue for the quarter was up 88.3% compared to the same quarter last year. As a group, analysts forecast that SiTime Corporation will post 3.23 EPS for the current year.

Insiders Place Their Bets

In related news, insider Piyush B. Sevalia sold 2,419 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $484.05, for a total value of $1,170,916.95. Following the sale, the insider directly owned 84,250 shares of the company's stock, valued at approximately $40,781,212.50. This trade represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Raman Chitkara sold 501 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $425.03, for a total transaction of $212,940.03. Following the completion of the sale, the director directly owned 21,508 shares in the company, valued at $9,141,545.24. This represents a 2.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 12,610 shares of company stock valued at $6,210,444. 1.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SITM shares. Stifel Nicolaus raised their target price on shares of SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Barclays raised shares of SiTime from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $800.00 price target on shares of SiTime in a research note on Thursday, May 7th. Needham & Company LLC raised their price target 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. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SiTime in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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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