S Squared Technology LLC Sells 23,299 Shares of 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 decreased its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 52.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,289 shares of the company's stock after selling 23,299 shares during the period. SiTime makes up 1.7% of S Squared Technology LLC's portfolio, making the stock its 23rd biggest position. S Squared Technology LLC owned 0.09% of SiTime worth $3,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of SITM. BNP Paribas Financial Markets acquired a new stake in SiTime in the fourth quarter valued at approximately $949,000. Balyasny Asset Management L.P. bought a new position in SiTime during the 4th quarter worth approximately $318,000. Deutsche Bank AG lifted its holdings in SiTime by 22.9% during the 4th quarter. Deutsche Bank AG now owns 50,798 shares of the company's stock worth $10,898,000 after buying an additional 9,460 shares during the last quarter. Ethic Inc. increased its stake in SiTime by 152.1% during the fourth quarter. Ethic Inc. now owns 5,692 shares of the company's stock valued at $1,221,000 after purchasing an additional 3,434 shares during the last quarter. Finally, Gotham Asset Management LLC raised its holdings in shares of SiTime by 392.6% during the fourth quarter. Gotham Asset Management LLC now owns 5,798 shares of the company's stock worth $1,244,000 after purchasing an additional 4,621 shares during the period. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

SiTime Stock Performance

Shares of NASDAQ:SITM traded up $1.43 during mid-day trading on Friday, hitting $260.00. The stock had a trading volume of 257,427 shares, compared to its average volume of 332,581. SiTime Corporation has a 12-month low of $105.40 and a 12-month high of $268.18. The company has a market cap of $6.76 billion, a PE ratio of -74.71 and a beta of 2.18. The company's 50 day moving average is $217.76 and its 200-day moving average is $191.57.

SiTime (NASDAQ:SITM - Get Free Report) last issued 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 analysts' expectations of $64.66 million. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.SiTime's revenue was up 58.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.12 earnings per share. On average, equities research analysts predict that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on SITM shares. UBS Group started coverage on shares of SiTime in a research report on Thursday, August 14th. They set a "buy" rating and a $260.00 price objective for the company. Raymond James Financial restated an "outperform" rating and issued a $270.00 target price (up previously from $250.00) on shares of SiTime in a research report on Friday, August 29th. Stifel Nicolaus raised their target price on SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, Barclays boosted their target price on SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a report on Thursday, August 7th. Five 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, the stock has an average rating of "Moderate Buy" and an average price target of $243.33.

Insider Transactions at SiTime

In other news, insider Fariborz Assaderaghi sold 3,000 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $234.00, for a total transaction of $702,000.00. Following the completion of the sale, the insider directly owned 93,433 shares of the company's stock, valued at $21,863,322. This trade represents a 3.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Samsheer Ahamad sold 6,000 shares of the business's stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $250.00, for a total value of $1,500,000.00. Following the completion of the sale, the insider directly owned 61,888 shares of the company's stock, valued at approximately $15,472,000. The trade was a 8.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,367 shares of company stock valued at $6,960,713. 2.10% of the stock is currently owned by company insiders.

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.