Swedbank AB Sells 6,000 Shares of SiTime Corporation $SITM

Key Points

• Swedbank AB trimmed its SiTime stake by 9.5% in the fourth quarter, selling 6,000 shares and leaving it with 57,200 shares valued at about $20.2 million.
• Analysts turned more bullish on SiTime, with several firms raising price targets sharply; the stock now has a consensus rating of “Moderate Buy” and an average target price of $661.88.
• SiTime posted strong quarterly results, beating earnings and revenue estimates with EPS of $1.44 and revenue up 88.3% year over year, while the stock recently traded near $728.56.

Swedbank AB reduced its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 9.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 57,200 shares of the company's stock after selling 6,000 shares during the period. Swedbank AB owned 0.22% of SiTime worth $20,202,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in SITM. Royal Bank of Canada lifted its position in shares of 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 in the last quarter. Advisors Asset Management Inc. raised its position in SiTime by 33.6% in the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock worth $54,000 after acquiring an additional 88 shares during the period. AQR Capital Management LLC raised its position in SiTime by 310.8% in the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company's stock worth $1,557,000 after acquiring an additional 8,136 shares during the period. Intech Investment Management LLC raised its position in SiTime by 21.6% in the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company's stock worth $1,272,000 after acquiring an additional 1,477 shares during the period. Finally, M&T Bank Corp bought a new stake in SiTime in the second quarter worth about $240,000. 84.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SITM has been the topic of several research reports. Needham & Company LLC lifted their price objective on shares of SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $800.00 price objective on shares of SiTime in a research report on Thursday, May 7th. 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 report on Thursday, May 7th. Stifel Nicolaus lifted their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, Zacks Research raised shares of SiTime from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 15th. One research 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $661.88.

SiTime Stock Performance

Shares of SITM stock opened at $728.56 on Tuesday. The firm has a market cap of $19.23 billion, a price-to-earnings ratio of -721.35 and a beta of 2.91. The firm's 50-day simple moving average is $518.19 and its two-hundred day simple moving average is $412.53. SiTime Corporation has a 52 week low of $186.49 and a 52 week high of $901.81.

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, topping the consensus estimate of $1.14 by $0.30. The firm had revenue of $113.57 million during 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 company's revenue was up 88.3% on a year-over-year basis. During the same quarter last year, the company earned $0.26 earnings per share. Analysts forecast that SiTime Corporation will post 3.23 earnings per share for the current year.

Insider Buying and Selling at SiTime

In other news, Director Akira Takata sold 1,500 shares of SiTime stock in a transaction dated Tuesday, May 12th. The shares were 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 in the company, valued at $10,531,761.24. This trade represents a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Raman Chitkara sold 501 shares of SiTime stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $425.03, for a total transaction of $212,940.03. Following the completion of the transaction, the director owned 21,508 shares of the company's stock, valued at $9,141,545.24. The trade was a 2.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,626 shares of company stock worth $4,184,697 over the last three months. Company 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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