MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $4.16 Million Position in SiTime Corporation $SITM

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in SiTime Corporation (NASDAQ:SITM) by 31.4%, holding approximately $4.16 million worth of shares after selling 12,474 during the first quarter.
• CEO Rajesh Vashist sold 2,000 shares at an average price of $232.00, while insider Samsheer Ahamad also sold 2,000 shares at $226.57, reflecting recent insider transactions amid a significant total of 17,500 shares sold within the last ninety days.
• SiTime's stock has recently been rated for strong performance by analysts, with targets for the stock price ranging from $220.00 to $270.00, contributing to a consensus rating of "Moderate Buy."

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lowered its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 31.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,219 shares of the company's stock after selling 12,474 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.11% of SiTime worth $4,161,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SITM. Fourth Dimension Wealth LLC bought a new stake in shares of SiTime during the fourth quarter worth $25,000. Opal Wealth Advisors LLC bought a new stake in shares of SiTime during the first quarter worth $32,000. Advisors Asset Management Inc. raised its position in shares of SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock worth $54,000 after acquiring an additional 88 shares during the last quarter. CWM LLC raised its position in shares of SiTime by 69.0% during the first quarter. CWM LLC now owns 453 shares of the company's stock worth $69,000 after acquiring an additional 185 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of SiTime during the fourth quarter worth $81,000. Institutional investors own 84.31% of the company's stock.

SiTime Stock Performance

NASDAQ:SITM traded down $11.01 on Wednesday, reaching $277.61. The company's stock had a trading volume of 58,336 shares, compared to its average volume of 330,240. SiTime Corporation has a 1-year low of $105.40 and a 1-year high of $289.33. The firm has a market cap of $7.22 billion, a PE ratio of -79.63 and a beta of 2.18. The business's 50-day moving average price is $220.90 and its two-hundred day moving average price is $193.54.

SiTime (NASDAQ:SITM - Get Free Report) last posted 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. 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 analysts' expectations of $64.66 million. During the same period in the previous year, the firm earned $0.12 earnings per share. The company's revenue was up 58.3% on a year-over-year basis. As a group, sell-side analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SITM. UBS Group began coverage on SiTime in a report on Thursday, August 14th. They issued a "buy" rating and a $260.00 price objective for the company. Stifel Nicolaus upped their price objective on SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a report on Friday, July 18th. Barclays upped their price objective on SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a report on Thursday, August 7th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $270.00 price objective (up previously from $250.00) on shares of SiTime in a report on Friday, August 29th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $243.33.

Insider Transactions at SiTime

In other news, insider Piyush B. Sevalia sold 2,056 shares of the company's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $251.50, for a total transaction of $517,084.00. Following the completion of the transaction, the insider directly owned 78,757 shares of the company's stock, valued at $19,807,385.50. This represents a 2.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Fariborz Assaderaghi sold 3,000 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $234.00, for a total value of $702,000.00. Following the transaction, the insider directly owned 93,433 shares of the company's stock, valued at $21,863,322. This represents a 3.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,367 shares of company stock valued at $6,960,713 over the last three months. 2.30% of the stock is currently owned by corporate insiders.

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.