Oak Ridge Investments LLC Sells 4,815 Shares of SiTime Corporation (NASDAQ:SITM)

Key Points

• Oak Ridge Investments LLC cut its stake in SiTime Corporation by 27.0%, selling 4,815 shares during the first quarter, leaving them with approximately 13,031 shares valued at $1,992,000.
• SiTime's stock recently traded at $218.24, with a year-over-year revenue increase of 58.3%, while analysts expect it to post an earnings per share of -2.44 for the current fiscal year.
• Barclays and Stifel Nicolaus have raised their target prices for SiTime, with Barclays setting a new target of $220.00 and Stifel Nicolaus at $230.00, reflecting positive market sentiment towards the company.

Oak Ridge Investments LLC decreased its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 27.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,031 shares of the company's stock after selling 4,815 shares during the quarter. Oak Ridge Investments LLC owned about 0.05% of SiTime worth $1,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Ameriprise Financial Inc. raised its holdings in SiTime by 16.1% during the 4th quarter. Ameriprise Financial Inc. now owns 515,735 shares of the company's stock valued at $110,641,000 after acquiring an additional 71,658 shares during the period. Hood River Capital Management LLC increased its holdings in shares of SiTime by 27.0% in the fourth quarter. Hood River Capital Management LLC now owns 421,960 shares of the company's stock worth $90,523,000 after purchasing an additional 89,632 shares during the period. Driehaus Capital Management LLC increased its holdings in shares of SiTime by 24.2% in the fourth quarter. Driehaus Capital Management LLC now owns 385,325 shares of the company's stock worth $82,664,000 after purchasing an additional 75,192 shares during the period. GAMMA Investing LLC increased its holdings in shares of SiTime by 27,559.1% in the first quarter. GAMMA Investing LLC now owns 261,102 shares of the company's stock worth $39,915,000 after purchasing an additional 260,158 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of SiTime by 5.2% in the fourth quarter. Northern Trust Corp now owns 240,050 shares of the company's stock worth $51,498,000 after purchasing an additional 11,872 shares during the period. Institutional investors own 84.31% of the company's stock.

SiTime Stock Up 0.7%

NASDAQ SITM opened at $218.24 on Thursday. The company has a 50-day simple moving average of $208.90 and a two-hundred day simple moving average of $183.77. SiTime Corporation has a 12-month low of $105.40 and a 12-month high of $268.18. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of -62.71 and a beta of 2.20.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.18. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The business had revenue of $69.49 million during the quarter, compared to analyst estimates of $64.66 million. During the same period in the prior year, the business posted $0.12 earnings per share. The company's revenue was up 58.3% on a year-over-year basis. Equities analysts expect that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SITM has been the subject of several research reports. Barclays upped their target price on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research report on Thursday, August 7th. Stifel Nicolaus upped their target price on shares of SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. According to data from MarketBeat, SiTime currently has an average rating of "Moderate Buy" and a consensus target price of $236.00.

Insider Activity at SiTime

In other news, EVP Elizabeth A. Howe sold 1,500 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $208.00, for a total transaction of $312,000.00. Following the completion of the sale, the executive vice president directly owned 71,474 shares in the company, valued at approximately $14,866,592. This represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Samsheer Ahamad sold 4,000 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $200.00, for a total transaction of $800,000.00. Following the sale, the insider owned 72,021 shares of the company's stock, valued at approximately $14,404,200. This represents a 5.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,783 shares of company stock valued at $13,921,517 in the last quarter. 2.10% of the stock is currently owned by company insiders.

SiTime Company 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.

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