Polar Asset Management Partners Inc. Purchases 26,076 Shares of SiTime Corporation $SITM

Key Points

• Polar Asset Management Partners Inc. increased its stake in SiTime Corporation by 118.5% in the first quarter, acquiring an additional 26,076 shares, bringing their total to 48,076 shares valued at approximately $7.35 million.
• Insider activity includes significant sales by executives, with EVP Elizabeth A. Howe selling 1,500 shares and Piyush B. Sevalia selling 2,000 shares, indicating a decrease in their positions by 2.06% and 2.42%, respectively.
• Analysts are bullish on SiTime, with recent upgrades to price targets, including a boost from UBS to $260.00 and from Stifel Nicolaus to $230.00, reflecting a consensus rating of Moderate Buy.

Polar Asset Management Partners Inc. boosted its holdings in SiTime Corporation (NASDAQ:SITM - Free Report) by 118.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,076 shares of the company's stock after purchasing an additional 26,076 shares during the period. Polar Asset Management Partners Inc. owned about 0.20% of SiTime worth $7,349,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Alliancebernstein L.P. increased its position in shares of SiTime by 2,016.8% in the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company's stock valued at $67,756,000 after acquiring an additional 422,288 shares during the last quarter. GAMMA Investing LLC grew its stake in SiTime by 27,559.1% in the first quarter. GAMMA Investing LLC now owns 261,102 shares of the company's stock valued at $39,915,000 after purchasing an additional 260,158 shares in the last quarter. Eventide Asset Management LLC increased its position in shares of SiTime by 5,015.9% during the 1st quarter. Eventide Asset Management LLC now owns 166,214 shares of the company's stock worth $25,408,000 after purchasing an additional 162,965 shares during the last quarter. Neuberger Berman Group LLC raised its stake in shares of SiTime by 360.8% during the 1st quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company's stock worth $20,670,000 after purchasing an additional 105,868 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of SiTime by 17.0% in the 1st quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company's stock valued at $92,233,000 after buying an additional 87,598 shares during the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

SiTime Stock Up 4.5%

Shares of SITM traded up $11.06 during trading hours on Thursday, hitting $256.63. The company had a trading volume of 140,154 shares, compared to its average volume of 328,279. The business has a fifty day moving average of $215.90 and a 200-day moving average of $190.27. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of -73.52 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 announced its earnings results on Wednesday, August 6th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.29 by $0.18. The business had revenue of $69.49 million during the quarter, compared to the consensus estimate of $64.66 million. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. SiTime's revenue was up 58.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.12 EPS. On average, equities analysts expect that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, insider Piyush B. Sevalia sold 2,000 shares of the business's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $242.66, for a total value of $485,320.00. Following the completion of the sale, the insider directly owned 80,813 shares in the company, valued at $19,610,082.58. The trade was a 2.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Fariborz Assaderaghi sold 3,000 shares of the stock in a transaction on 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 owned 93,433 shares in the company, valued at $21,863,322. The trade was a 3.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,500 shares of company stock valued at $3,971,710 in the last ninety days. 2.10% of the stock is currently owned by company 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.