SiTime Corporation $SITM Shares Sold by Legal & General Group Plc

Key Points

• Legal & General Group Plc reduced its SiTime stake by 4.5% in the fourth quarter, selling 2,675 shares and ending with 56,121 shares valued at about $19.8 million.
• Wall Street sentiment is bullish: several analysts recently raised ratings or price targets, and the stock now carries a consensus Moderate Buy with an average target price of $661.88.
• SiTime reported strong quarterly results, with earnings of $1.44 per share and revenue of $113.57 million, both ahead of estimates; revenue jumped 88.3% from a year earlier.

Legal & General Group Plc trimmed its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 4.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,121 shares of the company's stock after selling 2,675 shares during the period. Legal & General Group Plc owned approximately 0.22% of SiTime worth $19,821,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Hantz Financial Services Inc. grew its holdings in SiTime by 118.9% during the 4th quarter. Hantz Financial Services Inc. now owns 197 shares of the company's stock valued at $70,000 after purchasing an additional 107 shares in the last quarter. Darden Wealth Group Inc boosted its stake in SiTime by 12.8% during the 4th quarter. Darden Wealth Group Inc now owns 880 shares of the company's stock valued at $311,000 after acquiring an additional 100 shares during the last quarter. Lisanti Capital Growth LLC boosted its stake in SiTime by 17.7% during the 4th quarter. Lisanti Capital Growth LLC now owns 22,854 shares of the company's stock valued at $8,072,000 after acquiring an additional 3,440 shares during the last quarter. Berkshire Capital Holdings Inc. bought a new position in SiTime during the 4th quarter valued at $2,889,000. Finally, Legato Capital Management LLC boosted its stake in SiTime by 171.1% during the 4th quarter. Legato Capital Management LLC now owns 9,788 shares of the company's stock valued at $3,457,000 after acquiring an additional 6,178 shares during the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SITM has been the topic of a number of research analyst reports. Zacks Research upgraded shares of SiTime from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 15th. The Goldman Sachs Group reiterated a "buy" rating and set a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Stifel Nicolaus increased their price objective on shares of SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Wall Street Zen upgraded shares of SiTime from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Finally, Barclays upgraded shares of SiTime from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $661.88.

SiTime Stock Down 6.4%

Shares of NASDAQ:SITM opened at $665.01 on Tuesday. The company has a market cap of $17.56 billion, a PE ratio of -658.43 and a beta of 2.94. The company's 50-day moving average price is $555.39 and its 200 day moving average price is $426.61. SiTime Corporation has a fifty-two week low of $186.49 and a fifty-two week high of $901.81.

SiTime (NASDAQ:SITM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.30. The firm had revenue of $113.57 million for the quarter, compared to the consensus estimate of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. SiTime's quarterly revenue was up 88.3% compared to the same quarter last year. During the same period last year, the firm posted $0.26 EPS. As a group, equities analysts anticipate that SiTime Corporation will post 3.23 EPS for the current year.

Insider Activity

In related news, Director Akira Takata sold 1,500 shares of SiTime stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total value of $1,291,290.00. Following the sale, the director directly owned 12,234 shares in the company, valued at $10,531,761.24. This trade represents a 10.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,709 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $731.49, for a total transaction of $1,250,116.41. Following the transaction, the insider directly owned 81,436 shares in the company, valued at approximately $59,569,619.64. The trade was a 2.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 8,834 shares of company stock valued at $5,221,873. 1.40% of the stock is owned by company insiders.

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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