SiTime Corporation $SITM Shares Sold by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC reduced its stake in SiTime Corporation by 10.5%, selling 23,195 shares, and currently holds 196,713 shares valued at approximately $30 million.
• Insider Piyush B. Sevalia sold 2,056 shares at an average price of $251.50, reducing his ownership by 2.54% while still holding shares worth about $19.8 million.
• SiTime's shares opened at $260.00 with a market cap of $6.76 billion, and the company reported a revenue of $69.49 million, surpassing analyst estimates.

Voya Investment Management LLC cut its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 10.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 196,713 shares of the company's stock after selling 23,195 shares during the period. Voya Investment Management LLC owned approximately 0.83% of SiTime worth $30,072,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of SITM. BNP Paribas Financial Markets purchased a new position in SiTime during the fourth quarter worth about $949,000. Balyasny Asset Management L.P. purchased a new position in SiTime during the fourth quarter worth about $318,000. Deutsche Bank AG raised its stake in SiTime by 22.9% during the fourth quarter. Deutsche Bank AG now owns 50,798 shares of the company's stock worth $10,898,000 after purchasing an additional 9,460 shares during the period. Gotham Asset Management LLC raised its stake in shares of SiTime by 392.6% in the 4th quarter. Gotham Asset Management LLC now owns 5,798 shares of the company's stock valued at $1,244,000 after acquiring an additional 4,621 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in shares of SiTime in the 4th quarter valued at approximately $81,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

SiTime Price Performance

Shares of SITM stock traded up $23.53 during trading on Thursday, reaching $301.75. The company's stock had a trading volume of 164,139 shares, compared to its average volume of 331,036. The company has a market capitalization of $7.85 billion, a price-to-earnings ratio of -86.35 and a beta of 2.18. The stock's 50-day moving average price is $222.25 and its 200 day moving average price is $194.12. SiTime Corporation has a 1-year low of $105.40 and a 1-year high of $301.19.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $69.49 million during 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 business's quarterly revenue was up 58.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 earnings per share. On average, sell-side analysts anticipate that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Insider Buying and Selling at SiTime

In related news, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $234.00, for a total value of $702,000.00. Following the completion of the transaction, the insider owned 93,433 shares in the company, valued at approximately $21,863,322. The trade was a 3.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $232.00, for a total transaction of $464,000.00. Following the completion of the transaction, the chief executive officer owned 463,208 shares of the company's stock, valued at $107,464,256. This trade represents a 0.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,367 shares of company stock worth $6,960,713. 2.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus boosted their price target on shares of SiTime from $230.00 to $320.00 and gave the company a "buy" rating in a research note on Thursday. Barclays boosted their price target on shares of SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a research note on Thursday, August 7th. UBS Group assumed coverage on shares of SiTime in a research note on Thursday, August 14th. They issued a "buy" rating and a $260.00 price target on the stock. Finally, Raymond James Financial reissued an "outperform" rating and issued a $270.00 price target (up from $250.00) on shares of SiTime in a research note on Friday, August 29th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $258.33.

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.