Legato Capital Management LLC Reduces Position in SiTime Corporation (NASDAQ:SITM)

Key Points

• Legato Capital Management LLC reduced its stake in SiTime Corporation by 48.6% in Q1, owning 2,800 shares after selling 2,650 shares, with a total holding value of $428,000.
• Analysts recently adjusted their price targets for SiTime, with Barclays increasing it from $135 to $180 and Stifel Nicolaus raising it from $210 to $230, reflecting a range of sentiment among analysts.
• SiTime reported a significant earnings beat with $0.26 EPS compared to the consensus estimate of $0.11, marking an 82.7% increase in revenue year-over-year at $60.31 million.

Legato Capital Management LLC lowered its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 48.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,800 shares of the company's stock after selling 2,650 shares during the period. Legato Capital Management LLC's holdings in SiTime were worth $428,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SITM. Fourth Dimension Wealth LLC purchased a new position in SiTime in the 4th quarter worth $25,000. Opal Wealth Advisors LLC purchased a new position in shares of SiTime in the first quarter worth about $32,000. Aster Capital Management DIFC Ltd purchased a new position in shares of SiTime in the fourth quarter worth about $58,000. CWM LLC raised its position in SiTime by 69.0% during the 1st quarter. CWM LLC now owns 453 shares of the company's stock worth $69,000 after buying an additional 185 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in SiTime during the 4th quarter worth approximately $81,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

Analyst Ratings Changes

SITM has been the subject of several recent 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 report on Friday, July 18th. Barclays lifted their target price on shares of SiTime from $135.00 to $180.00 and gave the company an "underweight" rating in a report on Wednesday, June 11th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to MarketBeat, SiTime has an average rating of "Moderate Buy" and a consensus target price of $228.00.

Insiders Place Their Bets

In related news, insider Vincent P. Pangrazio sold 5,026 shares of SiTime stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $204.55, for a total value of $1,028,068.30. Following the completion of the transaction, the insider owned 64,842 shares in the company, valued at $13,263,431.10. The trade was a 7.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tom Dang-Hsing Yiu sold 2,115 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $200.00, for a total transaction of $423,000.00. Following the sale, the director owned 18,500 shares of the company's stock, valued at $3,700,000. This represents a 10.26% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 64,551 shares of company stock worth $13,413,996. Corporate insiders own 2.10% of the company's stock.

SiTime Stock Performance

Shares of NASDAQ SITM traded down $0.91 during mid-day trading on Tuesday, reaching $193.85. 42,618 shares of the company's stock were exchanged, compared to its average volume of 314,469. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $268.18. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of -51.01 and a beta of 2.20. The company's 50-day moving average is $208.38 and its 200-day moving average is $186.57.

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