Rockefeller Capital Management L.P. Has $1.15 Million Position in SiTime Corporation $SITM

Key Points

• Rockefeller Capital Management sharply increased its SiTime stake by 1,368% in the fourth quarter, ending with 3,259 shares valued at about $1.15 million.
• SiTime reported strong quarterly results, with EPS of $1.44 beating estimates and revenue of $113.57 million, up 88.3% year over year.
• Analysts remain generally positive on the stock, with several recent price target increases to as high as $850, though the consensus rating is still only Moderate Buy.

Rockefeller Capital Management L.P. lifted its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 1,368.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,259 shares of the company's stock after buying an additional 3,037 shares during the period. Rockefeller Capital Management L.P.'s holdings in SiTime were worth $1,151,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Los Angeles Capital Management LLC boosted its position in shares of SiTime by 0.3% during the 4th quarter. Los Angeles Capital Management LLC now owns 9,023 shares of the company's stock valued at $3,187,000 after acquiring an additional 25 shares in the last quarter. Atlas Brown Inc. raised its position in SiTime by 1.6% in the fourth quarter. Atlas Brown Inc. now owns 2,292 shares of the company's stock worth $810,000 after purchasing an additional 37 shares in the last quarter. CWM LLC raised its position in SiTime by 4.2% in the fourth quarter. CWM LLC now owns 951 shares of the company's stock worth $336,000 after purchasing an additional 38 shares in the last quarter. Corient Private Wealth LLC lifted its stake in SiTime by 5.9% during the fourth quarter. Corient Private Wealth LLC now owns 703 shares of the company's stock worth $249,000 after purchasing an additional 39 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in SiTime by 7.7% during the second quarter. Lazard Asset Management LLC now owns 654 shares of the company's stock worth $139,000 after purchasing an additional 47 shares during the period. 84.31% of the stock is owned by institutional investors and hedge funds.

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SiTime Stock Performance

Shares of SiTime stock opened at $601.66 on Friday. The firm has a fifty day moving average of $694.02 and a two-hundred day moving average of $489.12. The stock has a market capitalization of $15.88 billion, a price-to-earnings ratio of -595.70 and a beta of 2.91. SiTime Corporation has a 52 week low of $186.49 and a 52 week high of $901.81.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm's revenue was up 88.3% on a year-over-year basis. During the same period last year, the company earned $0.26 EPS. As a group, research analysts forecast that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Insider Activity

In other SiTime news, Director Akira Takata sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total value of $1,291,290.00. Following the completion of the sale, the director owned 12,234 shares of the company's stock, valued at approximately $10,531,761.24. This represents a 10.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Piyush B. Sevalia sold 2,419 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the completion of the sale, the insider owned 84,250 shares in the company, valued at approximately $40,781,212.50. This trade represents a 2.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 73,375 shares of company stock valued at $51,931,438. Insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Barclays upgraded shares of SiTime from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of SiTime in a report on Tuesday, April 21st. The Goldman Sachs Group reissued a "buy" rating and set a $800.00 price target on shares of SiTime in a report on Thursday, May 7th. Wall Street Zen cut shares of SiTime from a "buy" rating to a "hold" rating in a research note on Saturday, June 27th. Finally, Needham & Company LLC upped their price objective on shares of SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $661.88.

About SiTime

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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