SiTime Corporation $SITM Holdings Reduced by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its stake in SiTime Corporation by 7.4%, owning 222,178 shares valued at $33.96 million as of the latest SEC filing.
• CEO Rajesh Vashist sold 2,000 shares of SiTime stock for $430,000, bringing his total ownership down to approximately $101 million.
• SiTime's stock is trading near a one-year high with a market cap of $6.28 billion, despite a reported net loss and analysts predicting a negative earnings per share for the current fiscal year.

Northern Trust Corp lowered its holdings in SiTime Corporation (NASDAQ:SITM - Free Report) by 7.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 222,178 shares of the company's stock after selling 17,872 shares during the quarter. Northern Trust Corp owned about 0.94% of SiTime worth $33,964,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SITM. Fourth Dimension Wealth LLC purchased a new position in shares of SiTime during the fourth quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new position in shares of SiTime in the first quarter valued at approximately $32,000. CWM LLC raised its stake 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 purchasing an additional 185 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of SiTime during the fourth quarter worth $81,000. Finally, Aquatic Capital Management LLC purchased a new position in SiTime in the 4th quarter valued at $192,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

SiTime Trading Down 3.7%

NASDAQ SITM traded down $8.55 during trading hours on Wednesday, reaching $224.28. 137,338 shares of the company traded hands, compared to its average volume of 329,429. The company has a 50 day moving average of $212.44 and a two-hundred day moving average of $187.91. The stock has a market capitalization of $5.83 billion, a PE ratio of -64.21 and a beta of 2.18. SiTime Corporation has a 12 month low of $105.40 and a 12 month high of $268.18.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 EPS for the quarter, topping 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 business had revenue of $69.49 million during the quarter, compared to the consensus estimate of $64.66 million. During the same period last year, the firm earned $0.12 earnings per share. The company's revenue for the quarter was up 58.3% compared to the same quarter last year. On average, equities research analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on SITM shares. 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 research note on Friday, July 18th. Raymond James Financial reissued an "outperform" rating and set a $270.00 target price (up from $250.00) on shares of SiTime in a research note on Friday, August 29th. Barclays upped their price objective on SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a report on Thursday, August 7th. Finally, UBS Group started coverage on shares of SiTime in a research report on Thursday, August 14th. They set a "buy" rating and a $260.00 target price on the stock. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $243.33.

Insider Transactions at SiTime

In other SiTime news, EVP Elizabeth A. Howe sold 1,500 shares of SiTime stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $208.00, for a total value of $312,000.00. Following the completion of the transaction, the executive vice president owned 71,474 shares of the company's stock, valued at $14,866,592. The trade was a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,000 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $201.36, for a total transaction of $201,360.00. Following the completion of the transaction, the insider owned 101,319 shares in the company, valued at approximately $20,401,593.84. The trade was a 0.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,539 shares of company stock valued at $3,751,940. 2.30% of the stock is currently owned by insiders.

SiTime Profile

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.