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 lessened its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 10.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 196,713 shares of the company's stock after selling 23,195 shares during the period. Voya Investment Management LLC owned 0.83% of SiTime worth $30,072,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of SITM. BNP Paribas Financial Markets acquired a new position in SiTime in the fourth quarter valued at $949,000. Balyasny Asset Management L.P. acquired a new position in SiTime in the fourth quarter valued at $318,000. Deutsche Bank AG boosted its stake in SiTime by 22.9% in the fourth quarter. Deutsche Bank AG now owns 50,798 shares of the company's stock valued at $10,898,000 after acquiring an additional 9,460 shares in the last quarter. Gotham Asset Management LLC boosted its stake in SiTime by 392.6% in the fourth 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 in the last quarter. Finally, Lazard Asset Management LLC acquired a new position in SiTime in the fourth quarter valued at $81,000. Institutional investors and hedge funds own 84.31% of the company's stock.

Insider Transactions at SiTime

In related news, insider Piyush B. Sevalia sold 2,056 shares of the firm's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $251.50, for a total value of $517,084.00. Following the completion of the sale, the insider owned 78,757 shares in the company, valued at $19,807,385.50. This trade represents a 2.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Elizabeth A. Howe sold 1,500 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $208.00, for a total transaction of $312,000.00. Following the completion of the sale, the executive vice president owned 71,474 shares of the company's stock, valued at approximately $14,866,592. The trade was a 2.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,367 shares of company stock valued at $6,960,713 over the last 90 days. Insiders own 2.10% of the company's stock.

SiTime Stock Up 0.6%

Shares of NASDAQ:SITM opened at $260.00 on Friday. The company has a market cap of $6.76 billion, a P/E ratio of -74.71 and a beta of 2.18. SiTime Corporation has a 52 week low of $105.40 and a 52 week high of $268.18. The company has a 50-day moving average price of $217.76 and a 200 day moving average price of $191.74.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.47 EPS 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 the consensus estimate of $64.66 million. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The firm's revenue was up 58.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.12 earnings per share. Analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. 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 research note on Friday, July 18th. UBS Group assumed coverage on shares of SiTime in a research note on Thursday, August 14th. They set a "buy" rating and a $260.00 target price for the company. Raymond James Financial reiterated an "outperform" rating and set a $270.00 target price (up previously from $250.00) on shares of SiTime in a research note on Friday, August 29th. Finally, Barclays increased their target price on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research note on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $243.33.

About SiTime

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.

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