Royce & Associates LP Sells 10,051 Shares of SiTime Corporation $SITM

Key Points

• Royce & Associates LP cut its SiTime stake by 18.5% in the fourth quarter, selling 10,051 shares and ending with 44,425 shares worth about $15.69 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.
• Analyst sentiment remains positive, with several firms raising price targets and the stock carrying a Moderate Buy average rating and $661.88 average price target.

Royce & Associates LP lessened its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 18.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,425 shares of the company's stock after selling 10,051 shares during the quarter. Royce & Associates LP owned about 0.17% of SiTime worth $15,690,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SITM. Optiver Holding B.V. raised its stake in SiTime by 56.1% during the third quarter. Optiver Holding B.V. now owns 89 shares of the company's stock worth $27,000 after acquiring an additional 32 shares in the last quarter. Atlas Brown Inc. raised its stake in SiTime by 1.6% during the fourth quarter. Atlas Brown Inc. now owns 2,292 shares of the company's stock worth $810,000 after acquiring an additional 37 shares in the last quarter. CWM LLC raised its stake in SiTime by 4.2% during the fourth quarter. CWM LLC now owns 951 shares of the company's stock worth $336,000 after acquiring an additional 38 shares in the last quarter. Bessemer Group Inc. raised its stake in SiTime by 27.4% during the third quarter. Bessemer Group Inc. now owns 186 shares of the company's stock worth $55,000 after acquiring an additional 40 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in SiTime by 10.9% during the third quarter. Smartleaf Asset Management LLC now owns 427 shares of the company's stock worth $125,000 after acquiring an additional 42 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company's stock.

SiTime Price Performance

Shares of SITM stock opened at $743.12 on Wednesday. The business's 50 day simple moving average is $526.53 and its 200 day simple moving average is $415.80. SiTime Corporation has a one year low of $186.49 and a one year high of $901.81. The stock has a market capitalization of $19.62 billion, a PE ratio of -735.76 and a beta of 2.91.

SiTime (NASDAQ:SITM - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.14 by $0.30. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The business had revenue of $113.57 million for the quarter, compared to analysts' expectations of $103.51 million. During the same period in the prior year, the business posted $0.26 earnings per share. The firm's revenue was up 88.3% on a year-over-year basis. As a group, research analysts expect that SiTime Corporation will post 3.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on SITM shares. Zacks Research raised SiTime from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 15th. Stifel Nicolaus boosted their target price on SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Roth Mkm reissued a "buy" rating and set a $900.00 target price on shares of SiTime in a research note on Thursday, May 7th. UBS Group boosted their target price on SiTime from $675.00 to $775.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, Needham & Company LLC boosted their target price on SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $661.88.

Insider Transactions at SiTime

In related news, 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 value of $1,170,916.95. Following the transaction, the insider directly owned 84,250 shares in the company, valued at $40,781,212.50. This trade represents a 2.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Torsten Kreindl sold 710 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $720.00, for a total value of $511,200.00. Following the completion of the sale, the director directly owned 13,141 shares of the company's stock, valued at $9,461,520. The trade was a 5.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,626 shares of company stock valued at $4,184,697 in the last 90 days. 1.40% of the stock is currently owned by company insiders.

SiTime Profile

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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