Styrax Capital LP Acquires Shares of 90,108 SiTime Corporation $SITM

Key Points

• Styrax Capital LP initiated a new position in SiTime, buying 90,108 shares worth about $31.8 million. The stake represents roughly 0.34% of SiTime and is one of Styrax’s larger holdings.
• SiTime’s latest earnings beat expectations, with EPS of $1.44 versus the $1.14 estimate and revenue up 88.3% year over year to $113.57 million. Analysts currently rate the stock a Moderate Buy with an average target price of $661.88.
• The stock was trading down 7.8% at the time of the report, even after reaching a recent high near $901.81. Insider selling has also been notable, with executives and directors selling shares in recent months under pre-arranged trading plans.

Styrax Capital LP acquired a new stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 90,108 shares of the company's stock, valued at approximately $31,825,000. SiTime comprises about 2.4% of Styrax Capital LP's investment portfolio, making the stock its 12th biggest holding. Styrax Capital LP owned approximately 0.34% of SiTime as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in SITM. Royal Bank of Canada lifted its holdings in SiTime by 12.5% during the first quarter. Royal Bank of Canada now owns 4,411 shares of the company's stock valued at $675,000 after purchasing an additional 491 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in 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 purchasing an additional 88 shares during the last quarter. AQR Capital Management LLC lifted its holdings in 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 purchasing an additional 8,136 shares during the last quarter. Intech Investment Management LLC lifted 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 valued at $1,272,000 after purchasing an additional 1,477 shares during the last quarter. Finally, M&T Bank Corp purchased a new stake in SiTime during the second quarter valued at about $240,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Zacks Research upgraded SiTime from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 15th. Roth Mkm reiterated a "buy" rating and set a $900.00 price target on shares of SiTime in a research report on Thursday, May 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of SiTime in a research report on Tuesday, April 21st. UBS Group upped their price target on SiTime from $675.00 to $775.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Finally, Stifel Nicolaus upped their price target on SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $661.88.

SiTime Trading Down 7.8%

SITM stock opened at $684.86 on Wednesday. The company's 50 day moving average is $632.70 and its 200 day moving average is $458.76. The stock has a market cap of $18.08 billion, a price-to-earnings ratio of -678.08 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 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.30. The company had revenue of $113.57 million for the quarter, compared to analysts' expectations of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. SiTime's revenue for the quarter was up 88.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.26 earnings per share. As a group, sell-side analysts forecast that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Piyush B. Sevalia sold 2,419 shares of the company's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $484.05, for a total value of $1,170,916.95. Following the transaction, the insider directly owned 84,250 shares in the company, valued at approximately $40,781,212.50. This represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Raman Chitkara sold 2,000 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $727.38, for a total transaction of $1,454,760.00. Following the completion of the transaction, the director owned 19,898 shares in the company, valued at approximately $14,473,407.24. This trade represents a 9.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,624 shares of company stock valued at $52,399,813 in the last 90 days. 1.40% of the stock is owned by company insiders.

About SiTime

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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