Needham Investment Management LLC Cuts Position in SiTime Corporation $SITM

Key Points

• Needham Investment Management cut its SiTime stake by 29.5% in the fourth quarter, selling 6,500 shares and leaving it with 15,500 shares worth about $5.47 million.
• SiTime reported strong quarterly results, with EPS of $1.44 beating estimates by $0.30 and revenue of $113.57 million topping expectations; revenue jumped 88.3% from a year earlier.
• Analysts have turned more bullish on the stock, with firms like Barclays, Goldman Sachs, Roth Mkm, and Zacks raising ratings or price targets; the average target is now $661.88.

Needham Investment Management LLC decreased its holdings in SiTime Corporation (NASDAQ:SITM - Free Report) by 29.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,500 shares of the company's stock after selling 6,500 shares during the quarter. Needham Investment Management LLC owned about 0.06% of SiTime worth $5,474,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Principal Financial Group Inc. raised its position in SiTime by 3.9% in the fourth quarter. Principal Financial Group Inc. now owns 363,953 shares of the company's stock worth $128,545,000 after acquiring an additional 13,577 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in SiTime by 145.9% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 12,215 shares of the company's stock worth $3,681,000 after acquiring an additional 7,247 shares in the last quarter. Cibc World Market Inc. acquired a new stake in SiTime in the third quarter valued at $2,259,000. Royce & Associates LP grew its holdings in SiTime by 95.0% in the third quarter. Royce & Associates LP now owns 54,476 shares of the company's stock valued at $16,414,000 after purchasing an additional 26,538 shares during the last quarter. Finally, Portolan Capital Management LLC acquired a new stake in SiTime in the third quarter valued at $4,671,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

SiTime Stock Up 1.7%

SITM opened at $742.46 on Tuesday. The firm has a market cap of $19.60 billion, a P/E ratio of -735.11 and a beta of 2.94. SiTime Corporation has a 52 week low of $186.49 and a 52 week high of $901.81. The business's fifty day simple moving average is $625.95 and its 200 day simple moving average is $455.98.

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

Analysts Set New Price Targets

SITM has been the topic of several research reports. Barclays raised SiTime from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $400.00 to $850.00 in a report on Thursday, May 7th. Wall Street Zen raised SiTime from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. The Goldman Sachs Group reissued a "buy" rating and issued a $800.00 target price on shares of SiTime in a report on Thursday, May 7th. Roth Mkm reissued a "buy" rating and issued a $900.00 target price on shares of SiTime in a report on Thursday, May 7th. Finally, Zacks Research raised SiTime from a "hold" rating to a "strong-buy" rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $661.88.

Insider Buying and Selling at SiTime

In related news, Director Christine Heckart sold 1,290 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $700.00, for a total transaction of $903,000.00. Following the sale, the director owned 790 shares of the company's stock, valued at $553,000. This trade represents a 62.02% 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. Also, Director Raman Chitkara sold 2,000 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $727.38, for a total value of $1,454,760.00. Following the sale, the director directly owned 19,898 shares in the company, valued at approximately $14,473,407.24. The trade was a 9.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 74,624 shares of company stock valued at $52,399,813. 1.40% of the stock is owned by company insiders.

SiTime Company 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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