Mirae Asset Global Investments Co. Ltd. Sells 1,954 Shares of SiTime Corporation (NASDAQ:SITM)

Mirae Asset Global Investments Co. Ltd. lowered its position in SiTime Corporation (NASDAQ:SITM - Free Report) by 42.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,681 shares of the company's stock after selling 1,954 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in SiTime were worth $409,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC acquired a new position in SiTime during the fourth quarter valued at approximately $25,000. Opal Wealth Advisors LLC acquired a new position in SiTime during the first quarter valued at approximately $32,000. Aster Capital Management DIFC Ltd acquired a new position in SiTime during the fourth quarter valued at approximately $58,000. Smartleaf Asset Management LLC grew its holdings in SiTime by 278.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 280 shares of the company's stock valued at $60,000 after purchasing an additional 206 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in SiTime during the fourth quarter valued at approximately $81,000. Institutional investors and hedge funds own 84.31% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SITM. Stifel Nicolaus increased their price target on SiTime from $180.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Barclays increased their price objective on SiTime from $135.00 to $180.00 and gave the company an "underweight" rating in a research report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $224.00.

Insider Transactions at SiTime

In related news, CEO Rajesh Vashist sold 20,000 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $210.65, for a total value of $4,213,000.00. Following the completion of the transaction, the chief executive officer directly owned 490,320 shares of the company's stock, valued at $103,285,908. This trade represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Tom Dang-Hsing Yiu sold 2,115 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $200.00, for a total value of $423,000.00. Following the completion of the transaction, the director directly owned 18,500 shares of the company's stock, valued at approximately $3,700,000. This trade represents a 10.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 63,818 shares of company stock valued at $13,171,258 over the last 90 days. Corporate insiders own 2.10% of the company's stock.

SiTime Stock Performance

Shares of SITM traded up $3.25 during mid-day trading on Friday, hitting $212.61. The company's stock had a trading volume of 175,189 shares, compared to its average volume of 268,514. SiTime Corporation has a one year low of $105.40 and a one year high of $268.18. The firm has a market capitalization of $5.04 billion, a PE ratio of -55.95 and a beta of 2.20. The stock's 50-day moving average is $200.59 and its two-hundred day moving average is $189.14.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.15. The company 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%. SiTime's revenue for the quarter was up 82.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.08) earnings per share. Analysts expect that SiTime Corporation will post -2.44 EPS 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.