Swedbank AB Sells 13,000 Shares of SiTime Corporation $SITM

Key Points

• Swedbank AB cut its SiTime stake by 22.7% in the first quarter, selling 13,000 shares and leaving it with 44,200 shares worth about $15.3 million.
• SiTime reported strong quarterly results, with EPS of $1.44 topping estimates and revenue of $113.57 million, up 88.3% year over year.
• Despite mixed analyst views, the stock has a Moderate Buy consensus rating, with several firms raising price targets as high as $850.

Swedbank AB reduced its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 22.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,200 shares of the company's stock after selling 13,000 shares during the period. Swedbank AB owned 0.17% of SiTime worth $15,264,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SITM. Principal Financial Group Inc. grew its position in shares of SiTime by 3.9% during the 4th quarter. Principal Financial Group Inc. now owns 363,953 shares of the company's stock worth $128,545,000 after buying an additional 13,577 shares during the period. Rockefeller Capital Management L.P. lifted its position in shares of SiTime by 1,368.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,259 shares of the company's stock valued at $1,151,000 after acquiring an additional 3,037 shares during the period. Portolan Capital Management LLC acquired a new position in shares of SiTime during the 3rd quarter valued at $4,671,000. Stephens Investment Management Group LLC bought a new position in SiTime during the first quarter worth $24,135,000. Finally, Berkshire Capital Holdings Inc. bought a new position in SiTime during the fourth quarter worth $2,889,000. 84.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at SiTime

In other SiTime news, Director Akira Takata sold 1,500 shares of SiTime stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the transaction, the director directly owned 12,234 shares of the company's stock, valued at $10,531,761.24. The trade was a 10.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Piyush B. Sevalia sold 2,419 shares of the company's stock in a transaction 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 completion of the sale, the insider owned 84,250 shares of the company's stock, valued at approximately $40,781,212.50. The trade was a 2.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 72,128 shares of company stock worth $51,401,463. 1.40% of the stock is currently owned by insiders.

SiTime Stock Performance

Shares of SITM opened at $648.15 on Friday. The firm has a market capitalization of $17.11 billion, a P/E ratio of -641.73 and a beta of 2.91. SiTime Corporation has a 52 week low of $186.49 and a 52 week high of $901.81. The stock has a 50 day moving average price of $701.13 and a two-hundred day moving average price of $498.00.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SiTime in a research note on Tuesday, April 21st. The Goldman Sachs Group restated a "buy" rating and issued a $800.00 target price on shares of SiTime in a research note on Thursday, May 7th. Zacks Research lowered SiTime from a "strong-buy" rating to a "hold" rating in a research report on Monday. Needham & Company LLC upped their price target on SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, UBS Group increased their price target on SiTime from $675.00 to $775.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus 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.

Want to see what other hedge funds are holding SITM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SiTime Corporation (NASDAQ:SITM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.