Premier Fund Managers Ltd Reduces Stock Position in SiTime Corporation (NASDAQ:SITM)

Premier Fund Managers Ltd cut its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 51.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,005 shares of the company's stock after selling 4,248 shares during the period. Premier Fund Managers Ltd's holdings in SiTime were worth $610,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Royce & Associates LP grew its holdings in SiTime by 200.5% during the 1st quarter. Royce & Associates LP now owns 61,922 shares of the company's stock worth $9,466,000 after acquiring an additional 41,316 shares during the period. Edgestream Partners L.P. purchased a new stake in SiTime in the 1st quarter valued at about $1,301,000. Peregrine Investment Management Inc. increased its stake in shares of SiTime by 45.8% during the 1st quarter. Peregrine Investment Management Inc. now owns 52,870 shares of the company's stock worth $8,082,000 after purchasing an additional 16,610 shares during the last quarter. CWM LLC increased its stake in shares of SiTime by 69.0% during the 1st quarter. CWM LLC now owns 453 shares of the company's stock worth $69,000 after purchasing an additional 185 shares during the last quarter. Finally, Emerald Advisers LLC increased its stake in shares of SiTime by 32.6% during the 1st quarter. Emerald Advisers LLC now owns 115,433 shares of the company's stock worth $17,646,000 after purchasing an additional 28,393 shares during the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SITM shares. Barclays lifted their price objective on shares of SiTime from $135.00 to $180.00 and gave the company an "underweight" rating in a research note on Wednesday, June 11th. Stifel Nicolaus lifted their price objective on shares of SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a research note on Friday, July 18th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $228.00.

Insider Activity at SiTime

In other SiTime news, 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 value of $423,000.00. Following the transaction, the director directly owned 18,500 shares in the company, valued at approximately $3,700,000. This trade represents a 10.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Vincent P. Pangrazio sold 5,026 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $204.55, for a total transaction of $1,028,068.30. Following the completion of the transaction, the insider owned 64,842 shares in the company, valued at $13,263,431.10. The trade was a 7.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 64,551 shares of company stock valued at $13,413,996 over the last quarter. 2.10% of the stock is owned by company insiders.

SiTime Stock Down 4.8%

Shares of NASDAQ:SITM traded down $9.76 during midday trading on Friday, hitting $193.09. 403,869 shares of the stock traded hands, compared to its average volume of 247,587. The stock has a market capitalization of $4.58 billion, a PE ratio of -50.81 and a beta of 2.20. The business's 50 day moving average is $207.89 and its two-hundred day moving average is $186.23. SiTime Corporation has a one year low of $105.40 and a one year high of $268.18.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates 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 revenue was up 82.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.08) earnings per share. As a group, sell-side analysts forecast that SiTime Corporation will post -2.44 earnings per share for the current year.

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.