TimesSquare Capital Management LLC Cuts Position in SiTime Corporation $SITM

Key Points

• TimesSquare Capital Management cut its SiTime stake by 21.5% in the fourth quarter, selling 28,277 shares and leaving it with 103,423 shares valued at about $36.5 million.
• Despite that sale, institutional ownership remains high: hedge funds and other institutions hold about 84.31% of SiTime, and several firms recently increased their positions.
• SiTime posted strong quarterly results, with EPS of $1.44 beating estimates and revenue rising 88.3% year over year, while analysts broadly remain bullish with a consensus “Moderate Buy” rating and a $661.88 target price.

TimesSquare Capital Management LLC cut its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 21.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 103,423 shares of the company's stock after selling 28,277 shares during the period. TimesSquare Capital Management LLC owned about 0.40% of SiTime worth $36,528,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SITM. Wellington Management Group LLP grew its position in SiTime by 36.8% in the third quarter. Wellington Management Group LLP now owns 537,741 shares of the company's stock worth $162,027,000 after acquiring an additional 144,671 shares in the last quarter. Ameriprise Financial Inc. grew its position in SiTime by 22.0% in the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company's stock worth $156,887,000 after acquiring an additional 132,948 shares in the last quarter. FengHe Fund Management Pte. Ltd. purchased a new position in SiTime in the fourth quarter worth $45,346,000. Vanguard Group Inc. grew its position in SiTime by 4.7% in the third quarter. Vanguard Group Inc. now owns 2,764,066 shares of the company's stock worth $832,841,000 after acquiring an additional 123,287 shares in the last quarter. Finally, UBS Group AG grew its position in SiTime by 47.5% in the third quarter. UBS Group AG now owns 168,491 shares of the company's stock worth $50,768,000 after acquiring an additional 54,243 shares in the last quarter. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. UBS Group upped their target price on shares of SiTime from $675.00 to $775.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Barclays upgraded shares of SiTime from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $400.00 to $850.00 in a research report on Thursday, May 7th. The Goldman Sachs Group reiterated a "buy" rating and issued a $800.00 target price on shares of SiTime in a research report on Thursday, May 7th. Zacks Research raised shares of SiTime from a "hold" rating to a "strong-buy" rating in a research note on Friday. Finally, Wall Street Zen raised shares of SiTime from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $661.88.

SiTime Stock Down 6.3%

SiTime stock opened at $725.59 on Tuesday. The company has a market capitalization of $19.16 billion, a PE ratio of -718.41 and a beta of 2.91. The firm has a fifty day simple moving average of $481.25 and a two-hundred day simple moving average of $397.40. SiTime Corporation has a twelve month low of $186.49 and a twelve month high of $901.81.

SiTime (NASDAQ:SITM - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $113.57 million for the quarter, compared to analysts' expectations of $103.51 million. During the same quarter last year, the business earned $0.26 earnings per share. The business's revenue was up 88.3% on a year-over-year basis. As a group, equities analysts expect that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Piyush B. Sevalia sold 2,419 shares of the firm'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 owned 84,250 shares in the company, valued at approximately $40,781,212.50. This trade represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Raman Chitkara sold 501 shares of the company's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $425.03, for a total transaction of $212,940.03. Following the transaction, the director directly owned 21,508 shares of the company's stock, valued at approximately $9,141,545.24. This trade represents a 2.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,900 shares of company stock worth $5,699,244 over the last ninety days. Company insiders own 1.40% of the company's stock.

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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