Bank of New York Mellon Corp Trims Holdings in SiTime Corporation (NASDAQ:SITM)

Bank of New York Mellon Corp reduced its stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 4.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 115,963 shares of the company's stock after selling 5,204 shares during the period. Bank of New York Mellon Corp owned about 0.49% of SiTime worth $17,727,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SITM. Summit Investment Advisors Inc. lifted its position in shares of SiTime by 4.5% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the company's stock worth $417,000 after acquiring an additional 83 shares in the last quarter. Vident Advisory LLC lifted its position in shares of SiTime by 5.0% during the fourth quarter. Vident Advisory LLC now owns 2,199 shares of the company's stock worth $472,000 after acquiring an additional 104 shares in the last quarter. Ellevest Inc. lifted its position in shares of SiTime by 2.2% during the fourth quarter. Ellevest Inc. now owns 5,254 shares of the company's stock worth $1,127,000 after acquiring an additional 113 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of SiTime by 15.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 877 shares of the company's stock worth $188,000 after acquiring an additional 118 shares in the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new stake in shares of SiTime during the fourth quarter worth $25,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

Wall Street Analyst Weigh In

SITM has been the topic of a number of recent analyst reports. Stifel Nicolaus increased their price objective on SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday. Barclays increased their price objective on SiTime from $135.00 to $180.00 and gave the stock an "underweight" rating in a research report on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $228.00.

SiTime Stock Performance

Shares of SiTime stock traded up $6.18 on Friday, hitting $215.40. 267,922 shares of the company's stock were exchanged, compared to its average volume of 264,814. The company has a 50-day simple moving average of $209.37 and a 200-day simple moving average of $188.49. The stock has a market capitalization of $5.11 billion, a PE ratio of -56.68 and a beta of 2.20. 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 results on Wednesday, May 7th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.11 by $0.15. The business had revenue of $60.31 million for the quarter, compared to analysts' expectations of $54.01 million. SiTime had a negative net margin of 38.60% and a negative return on equity of 9.43%. The business's quarterly revenue was up 82.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.08) EPS. On average, analysts expect that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Insider Activity at SiTime

In related news, CEO Rajesh Vashist sold 20,000 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $210.65, for a total transaction of $4,213,000.00. Following the completion of the sale, the chief executive officer owned 490,320 shares of the company's stock, valued at $103,285,908. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Tom Dang-Hsing Yiu sold 2,115 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $200.00, for a total transaction of $423,000.00. Following the sale, the director directly owned 18,500 shares of the company's stock, valued at $3,700,000. The trade was a 10.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 63,818 shares of company stock worth $13,171,258 in the last three months. 2.10% of the stock is owned by insiders.

About SiTime

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.