Russell Investments Group Ltd. Lowers Stock Position in SiTime Corporation $SITM

Key Points

• Russell Investments Group Ltd. significantly reduced its stake in SiTime Corporation by 52.0%, resulting in ownership of 7,493 shares valued at approximately $1.15 million after selling 8,120 shares in the first quarter.
• Analysts have varied opinions on SiTime, with Barclays increasing their target price to $220.00 while UBS Group set a higher target of $260.00, indicating a general trend of positive sentiment.
• SiTime's latest earnings report showed revenue growth of 58.3% year-over-year, with the company reporting $0.47 EPS, exceeding analysts' estimates by $0.18.

Russell Investments Group Ltd. cut its stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 52.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,493 shares of the company's stock after selling 8,120 shares during the quarter. Russell Investments Group Ltd.'s holdings in SiTime were worth $1,145,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fourth Dimension Wealth LLC bought a new position in shares of SiTime during the fourth quarter valued at $25,000. Opal Wealth Advisors LLC bought a new position in shares of SiTime during the first quarter valued at $32,000. Lazard Asset Management LLC bought a new stake in SiTime in the 4th quarter worth about $81,000. CWM LLC increased its holdings in SiTime by 69.0% in the 1st quarter. CWM LLC now owns 453 shares of the company's stock worth $69,000 after buying an additional 185 shares in the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in SiTime in the 4th quarter worth about $192,000. 84.31% of the stock is currently owned by institutional investors.

Insider Transactions at SiTime

In other news, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $232.00, for a total transaction of $464,000.00. Following the transaction, the chief executive officer directly owned 463,208 shares of the company's stock, valued at $107,464,256. The trade was a 0.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Piyush B. Sevalia sold 2,000 shares of SiTime stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $242.66, for a total value of $485,320.00. Following the transaction, the insider directly owned 80,813 shares in the company, valued at approximately $19,610,082.58. The trade was a 2.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,539 shares of company stock valued at $5,403,260. 2.30% of the stock is owned by company insiders.

SiTime Stock Down 3.6%

Shares of SiTime stock traded down $8.34 during trading hours on Wednesday, reaching $224.49. 271,404 shares of the stock traded hands, compared to its average volume of 416,413. The company has a 50 day moving average price of $212.85 and a 200 day moving average price of $188.16. The firm has a market capitalization of $5.84 billion, a price-to-earnings ratio of -64.51 and a beta of 2.18. 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 released its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.18. The business had revenue of $69.49 million during the quarter, compared to the consensus estimate of $64.66 million. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The business's quarterly revenue was up 58.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 EPS. Sell-side analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SITM shares. Raymond James Financial reiterated an "outperform" rating and issued a $270.00 price objective (up from $250.00) on shares of SiTime in a report on Friday, August 29th. Stifel Nicolaus lifted their price objective on SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Barclays lifted their price objective on SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a report on Thursday, August 7th. Finally, UBS Group started coverage on SiTime in a report on Thursday, August 14th. They issued a "buy" rating and a $260.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $243.33.

SiTime 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.