SiTime Corporation $SITM Shares Sold by Wasatch Advisors LP

Key Points

• Wasatch Advisors LP cut its SiTime stake by 15.9% in the first quarter, selling 5,515 shares and leaving it with 29,097 shares valued at about $10.0 million.
• Insiders have also been selling: CEO Rajesh Vashist sold 15,000 shares for about $11.25 million, and insider Fariborz Assaderaghi sold 1,000 shares; overall insider sales totaled 73,375 shares over the past three months.
• SiTime reported strong quarterly results, with EPS of $1.44 versus $1.14 expected and revenue of $113.57 million, up 88.3% year over year. Analysts currently rate the stock a “Moderate Buy,” with an average target price of $661.88.

Wasatch Advisors LP lessened its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 15.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,097 shares of the company's stock after selling 5,515 shares during the period. Wasatch Advisors LP owned 0.11% of SiTime worth $10,049,000 at the end of the most recent quarter.

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

Insider Buying and Selling at SiTime

In related news, CEO Rajesh Vashist sold 15,000 shares of the company's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $750.20, for a total value of $11,253,000.00. Following the completion of the sale, the chief executive officer owned 387,898 shares in the company, valued at approximately $291,001,079.60. This represents a 3.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Fariborz Assaderaghi sold 1,000 shares of SiTime stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $702.90, for a total transaction of $702,900.00. Following the transaction, the insider owned 78,936 shares in the company, valued at approximately $55,484,114.40. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 73,375 shares of company stock valued at $51,931,438 over the last three months. 1.40% of the stock is owned by insiders.

SiTime Stock Down 0.5%

NASDAQ:SITM opened at $672.19 on Friday. The stock has a fifty day simple moving average of $679.31 and a 200 day simple moving average of $479.34. The firm has a market capitalization of $17.75 billion, a price-to-earnings ratio of -665.53 and a beta of 2.94. SiTime Corporation has a 1-year low of $186.49 and a 1-year high of $901.81.

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

Analyst Ratings Changes

SITM has been the subject of a number of research reports. Wall Street Zen lowered SiTime from a "buy" rating to a "hold" rating in a research note on Saturday. The Goldman Sachs Group reaffirmed a "buy" rating and set a $800.00 target price on shares of SiTime in a research note on Thursday, May 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of SiTime in a research report on Tuesday, April 21st. Stifel Nicolaus raised their price objective on shares of SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Finally, Barclays raised shares of SiTime from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $661.88.

SiTime Company Profile

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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