SiTime Corporation $SITM Shares Sold by Calamos Advisors LLC

Key Points

• Calamos Advisors LLC cut its SiTime stake by 23% in the first quarter, selling 5,316 shares and leaving it with 17,764 shares valued at about $6.1 million.
• Several insiders also reduced exposure, including sales by Piyush B. Sevalia and Raman Chitkara; insiders sold 72,128 shares worth about $51.4 million over the last 90 days.
• SiTime reported strong quarterly results, with EPS of $1.44 beating estimates and revenue rising 88.3% year over year to $113.57 million, while analysts still largely rate the stock a Moderate Buy.

Calamos Advisors LLC reduced its stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 23.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,764 shares of the company's stock after selling 5,316 shares during the period. Calamos Advisors LLC owned 0.07% of SiTime worth $6,135,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SITM. Royal Bank of Canada raised its stake in SiTime by 12.5% during the first quarter. Royal Bank of Canada now owns 4,411 shares of the company's stock worth $675,000 after purchasing an additional 491 shares during the period. Advisors Asset Management Inc. grew its stake in shares of SiTime by 33.6% during the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock valued at $54,000 after buying an additional 88 shares during the period. AQR Capital Management LLC increased its holdings in shares of SiTime by 310.8% during the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company's stock worth $1,557,000 after buying an additional 8,136 shares during the last quarter. Intech Investment Management LLC increased its holdings in shares of SiTime by 21.6% during the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company's stock worth $1,272,000 after buying an additional 1,477 shares during the last quarter. Finally, M&T Bank Corp acquired a new stake in shares of SiTime during the 2nd quarter worth $240,000. 84.31% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other SiTime news, insider Piyush B. Sevalia sold 2,419 shares of the company's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $484.05, for a total value of $1,170,916.95. Following the completion of the transaction, the insider directly owned 84,250 shares of the company's stock, valued at $40,781,212.50. This represents a 2.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Raman Chitkara sold 2,000 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $727.38, for a total value of $1,454,760.00. Following the sale, the director owned 19,898 shares of the company's stock, valued at $14,473,407.24. This represents a 9.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 72,128 shares of company stock valued at $51,401,463. Corporate insiders own 1.40% of the company's stock.

SiTime Stock Performance

SITM stock opened at $623.83 on Wednesday. The firm has a market cap of $16.47 billion, a P/E ratio of -617.65 and a beta of 2.91. SiTime Corporation has a 1 year low of $186.49 and a 1 year high of $901.81. The stock has a 50-day simple moving average of $704.51 and a 200-day simple moving average of $503.06.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.14 by $0.30. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The firm had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. During the same period in the previous year, the company posted $0.26 EPS. SiTime's revenue for the quarter was up 88.3% on a year-over-year basis. On average, equities research analysts predict that SiTime Corporation will post 3.23 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SITM shares. The Goldman Sachs Group reissued a "buy" rating and set a $800.00 price target on shares of SiTime in a research report on Thursday, May 7th. UBS Group lifted their price objective on SiTime from $675.00 to $775.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Roth Capital reiterated a "buy" rating and set a $900.00 target price on shares of SiTime in a report on Thursday, May 7th. Stifel Nicolaus increased their target price on shares of SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, Zacks Research lowered shares of SiTime from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $661.88.

About SiTime

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime's products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company's timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.

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