Sterling Capital Management LLC Decreases Position in SiTime Corporation $SITM

Key Points

• Sterling Capital Management cut its SiTime position by 55.9% in the first quarter, leaving it with 1,815 shares worth about $627,000.
• SiTime posted strong quarterly results, beating estimates with $1.44 EPS on revenue of $113.57 million, up 88.3% year over year.
• Wall Street sentiment remains generally bullish, with several firms raising price targets sharply; the stock currently has a Moderate Buy consensus and an average target of $661.88.

Sterling Capital Management LLC lowered its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 55.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,815 shares of the company's stock after selling 2,301 shares during the quarter. Sterling Capital Management LLC's holdings in SiTime were worth $627,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Los Angeles Capital Management LLC boosted its holdings in SiTime by 0.3% in the 4th quarter. Los Angeles Capital Management LLC now owns 9,023 shares of the company's stock worth $3,187,000 after acquiring an additional 25 shares during the period. Atlas Brown Inc. raised its stake in shares of SiTime by 1.6% during the fourth quarter. Atlas Brown Inc. now owns 2,292 shares of the company's stock valued at $810,000 after purchasing an additional 37 shares during the period. CWM LLC lifted its position in shares of SiTime by 4.2% during the fourth quarter. CWM LLC now owns 951 shares of the company's stock worth $336,000 after purchasing an additional 38 shares in the last quarter. Corient Private Wealth LLC boosted its stake in shares of SiTime by 5.9% in the fourth quarter. Corient Private Wealth LLC now owns 703 shares of the company's stock valued at $249,000 after purchasing an additional 39 shares during the period. Finally, Lazard Asset Management LLC boosted its stake in shares of SiTime by 7.7% in the second quarter. Lazard Asset Management LLC now owns 654 shares of the company's stock valued at $139,000 after purchasing an additional 47 shares during the period. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC raised their price target on shares of SiTime from $450.00 to $850.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Barclays raised shares of SiTime from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $400.00 to $850.00 in a research report on Thursday, May 7th. The Goldman Sachs Group restated a "buy" rating and set a $800.00 target price on shares of SiTime in a research note on Thursday, May 7th. Wall Street Zen lowered SiTime from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Finally, Zacks Research upgraded SiTime from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, SiTime presently has an average rating of "Moderate Buy" and an average price target of $661.88.

SiTime Trading Down 5.6%

Shares of NASDAQ:SITM opened at $703.84 on Thursday. The firm has a market cap of $18.58 billion, a PE ratio of -696.87 and a beta of 2.91. The company has a fifty day simple moving average of $692.46 and a 200 day simple moving average of $487.43. SiTime Corporation has a 12-month low of $186.49 and a 12-month 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. 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%. The firm's revenue was up 88.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS. As a group, equities research analysts forecast that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Insider Buying and Selling at SiTime

In other SiTime news, insider Piyush B. Sevalia sold 2,419 shares of the company's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the sale, the insider owned 84,250 shares in the company, valued at $40,781,212.50. This represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Akira Takata sold 1,500 shares of SiTime stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $860.86, for a total value of $1,291,290.00. Following the completion of the transaction, the director owned 12,234 shares of the company's stock, valued at approximately $10,531,761.24. The trade was a 10.92% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 73,375 shares of company stock valued at $51,931,438. Corporate insiders own 1.40% of the company's stock.

SiTime 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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