S Squared Technology LLC Decreases Stake in SiTime Corporation $SITM

Key Points

• S Squared Technology LLC decreased its stake in SiTime Corporation by 52.3% in Q1, holding 21,289 shares valued at approximately $3.25 million post-sale.
• Other institutional investors significantly increased their positions in SiTime, with AllianceBernstein L.P. boosting its stake by 2,016.8%, acquiring over 422,000 shares.
• SiTime's recent earnings report showed a 58.3% revenue increase year-over-year, beating earnings expectations with $0.47 EPS compared to the estimated $0.29.

S Squared Technology LLC reduced its holdings in SiTime Corporation (NASDAQ:SITM - Free Report) by 52.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 21,289 shares of the company's stock after selling 23,299 shares during the quarter. SiTime comprises 1.7% of S Squared Technology LLC's investment portfolio, making the stock its 23rd largest position. S Squared Technology LLC owned approximately 0.09% of SiTime worth $3,254,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in SITM. Alliancebernstein L.P. grew its position in shares of SiTime by 2,016.8% in the 1st quarter. Alliancebernstein L.P. now owns 443,227 shares of the company's stock worth $67,756,000 after buying an additional 422,288 shares during the last quarter. GAMMA Investing LLC grew its position in shares of SiTime by 27,559.1% in the 1st quarter. GAMMA Investing LLC now owns 261,102 shares of the company's stock worth $39,915,000 after buying an additional 260,158 shares during the last quarter. Eventide Asset Management LLC grew its position in shares of SiTime by 5,015.9% in the 1st quarter. Eventide Asset Management LLC now owns 166,214 shares of the company's stock worth $25,408,000 after buying an additional 162,965 shares during the last quarter. Neuberger Berman Group LLC grew its position in shares of SiTime by 360.8% in the 1st quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company's stock worth $20,670,000 after buying an additional 105,868 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of SiTime by 17.0% in the 1st quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company's stock worth $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.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other SiTime news, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $232.00, for a total transaction of $464,000.00. Following the completion of the transaction, the chief executive officer owned 463,208 shares in the company, valued at approximately $107,464,256. The trade was a 0.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Piyush B. Sevalia sold 2,056 shares of SiTime stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $251.50, for a total value of $517,084.00. Following the transaction, the insider owned 78,757 shares of the company's stock, valued at $19,807,385.50. The trade was a 2.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,367 shares of company stock worth $6,960,713 over the last three months. 2.30% of the stock is owned by corporate insiders.

SiTime Trading Up 0.6%

NASDAQ:SITM traded up $1.43 during trading hours on Friday, reaching $260.00. 257,427 shares of the company traded hands, compared to its average volume of 327,684. The business's 50-day moving average price is $217.76 and its two-hundred day moving average price is $192.01. The stock has a market capitalization of $6.76 billion, a P/E ratio of -74.71 and a beta of 2.18. SiTime Corporation has a 1 year low of $105.40 and a 1 year high of $268.18.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $64.66 million. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The firm's quarterly revenue was up 58.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 earnings per share. As a group, equities analysts anticipate that SiTime Corporation will post -2.44 EPS for the current year.

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.