Praxis Investment Management Inc. Takes $202,000 Position in SiTime Corporation $SITM

Key Points

• Praxis Investment Management Inc. has acquired a new position in SiTime Corporation, purchasing 950 shares valued at approximately $202,000.
• SiTime reported earnings per share (EPS) of $0.47 for the last quarter, significantly surpassing analyst estimates of $0.29, alongside a revenue increase of 58.3% year-over-year.
• Institutional investors hold a significant 84.31% ownership in SiTime, indicating strong support from the investment community.

Praxis Investment Management Inc. acquired a new stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 950 shares of the company's stock, valued at approximately $202,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Verdence Capital Advisors LLC acquired a new position in shares of SiTime during the 2nd quarter valued at $230,000. Yousif Capital Management LLC lifted its holdings in shares of SiTime by 3.5% during the 2nd quarter. Yousif Capital Management LLC now owns 7,238 shares of the company's stock valued at $1,542,000 after acquiring an additional 246 shares in the last quarter. CWM LLC lifted its holdings in shares of SiTime by 36.2% during the 2nd quarter. CWM LLC now owns 617 shares of the company's stock valued at $131,000 after acquiring an additional 164 shares in the last quarter. Game Plan Financial Advisors LLC acquired a new position in shares of SiTime during the 2nd quarter valued at $25,000. Finally, US Bancorp DE lifted its holdings in shares of SiTime by 66.1% during the 2nd quarter. US Bancorp DE now owns 2,747 shares of the company's stock valued at $585,000 after acquiring an additional 1,093 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company's stock.

SiTime Stock Performance

Shares of SiTime stock opened at $272.67 on Monday. The firm has a market cap of $7.09 billion, a PE ratio of -78.35 and a beta of 2.35. The firm's 50-day simple moving average is $264.99 and its 200-day simple moving average is $214.89. SiTime Corporation has a 1 year low of $105.40 and a 1 year high of $323.66.

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

Insider Buying and Selling at SiTime

In other SiTime news, insider Fariborz Assaderaghi sold 3,000 shares of the firm's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $231.75, for a total value of $695,250.00. Following the transaction, the insider owned 90,433 shares of the company's stock, valued at $20,957,847.75. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Rajesh Vashist sold 2,000 shares of the firm's stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $294.00, for a total transaction of $588,000.00. Following the completion of the transaction, the chief executive officer directly owned 451,208 shares in the company, valued at $132,655,152. This represents a 0.44% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,367 shares of company stock worth $9,330,713. 2.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on SITM shares. Barclays boosted their price objective on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a report on Thursday, August 7th. Stifel Nicolaus boosted their price objective on shares of SiTime from $230.00 to $320.00 and gave the stock a "buy" rating in a report on Thursday, September 18th. Raymond James Financial reiterated an "outperform" rating and issued a $270.00 price objective (up previously from $250.00) on shares of SiTime in a report on Friday, August 29th. UBS Group boosted their price objective on shares of SiTime from $260.00 to $355.00 and gave the stock a "buy" rating in a report on Monday, October 6th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of SiTime in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $274.17.

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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