Vanguard Group Inc. Cuts Stock Holdings in SiTime Corporation $SITM

Key Points

• Vanguard Group Inc. reduced its stake in SiTime Corporation by 0.1%, now holding approximately 10.40% of the company, valued at $377.1 million.
• SiTime's stock is trading down 2.3% with a market cap of $5.76 billion and a price-to-earnings ratio of -63.63, while its quarterly revenue increased by 58.3% year-over-year, reaching $69.49 million.
• A significant number of analysts have upgraded their price targets for SiTime, with Barclays setting a target of $220.00 and UBS Group initiating coverage with a buy rating and a target of $260.00.

Vanguard Group Inc. lessened its stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 0.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,467,038 shares of the company's stock after selling 1,310 shares during the period. Vanguard Group Inc. owned about 10.40% of SiTime worth $377,136,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of SITM. Fourth Dimension Wealth LLC bought a new position in SiTime during the 4th quarter worth about $25,000. Opal Wealth Advisors LLC bought a new position in SiTime during the 1st quarter worth about $32,000. CWM LLC grew its holdings in SiTime by 69.0% during the 1st quarter. CWM LLC now owns 453 shares of the company's stock worth $69,000 after acquiring an additional 185 shares in the last quarter. Lazard Asset Management LLC bought a new position in SiTime during the 4th quarter worth about $81,000. Finally, Aquatic Capital Management LLC bought a new position in SiTime during the 4th quarter worth about $192,000. Institutional investors own 84.31% of the company's stock.

Insider Buying and Selling

In related news, insider Piyush B. Sevalia sold 1,039 shares of SiTime stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $220.00, for a total value of $228,580.00. Following the completion of the sale, the insider directly owned 85,516 shares in the company, valued at $18,813,520. This trade represents a 1.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Fariborz Assaderaghi sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $201.36, for a total transaction of $201,360.00. Following the transaction, the insider directly owned 101,319 shares of the company's stock, valued at $20,401,593.84. This represents a 0.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,645 shares of company stock worth $7,629,780 over the last ninety days. Company insiders own 2.30% of the company's stock.

SiTime Trading Up 2.4%

Shares of NASDAQ:SITM traded up $5.27 during trading on Monday, reaching $226.71. The stock had a trading volume of 294,012 shares, compared to its average volume of 393,360. SiTime Corporation has a one year low of $105.40 and a one year high of $268.18. The company has a market capitalization of $5.89 billion, a P/E ratio of -65.15 and a beta of 2.20. The firm's 50-day simple moving average is $210.00 and its 200 day simple moving average is $184.17.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.18. The business had revenue of $69.49 million for the quarter, compared to analysts' expectations of $64.66 million. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The company's revenue was up 58.3% compared to the same quarter last year. During the same period last year, the business earned $0.12 EPS. Equities research analysts forecast that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SITM has been the topic of several recent research reports. Stifel Nicolaus increased their target price on shares of SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Barclays raised their price target on shares of SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a report on Thursday, August 7th. Finally, UBS Group initiated coverage on shares of SiTime in a report on Thursday. They issued a "buy" rating and a $260.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $240.00.

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.