Toth Financial Advisory Corp Takes Position in SiTime Corporation $SITM

Key Points

• Toth Financial Advisory Corp acquired a new stake in SiTime Corporation, purchasing 1,400 shares valued at approximately $298,000 during the 2nd quarter.
• Several institutional investors have increased their holdings in SiTime, with Fred Alger Management LLC growing its stake by 45.5% to own $19.6 million worth of shares.
• Analyst ratings for SiTime are mostly positive, with five analysts rating it as a "Buy" and an average price target set at $258.33.

Toth Financial Advisory Corp bought a new stake in SiTime Corporation (NASDAQ:SITM - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,400 shares of the company's stock, valued at approximately $298,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Alliancebernstein L.P. increased its stake in shares of SiTime by 2,016.8% during the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company's stock worth $67,756,000 after purchasing an additional 422,288 shares during the period. GAMMA Investing LLC increased its position in SiTime by 27,559.1% in the 1st quarter. GAMMA Investing LLC now owns 261,102 shares of the company's stock valued at $39,915,000 after buying an additional 260,158 shares in the last quarter. Eventide Asset Management LLC increased its position in SiTime by 5,015.9% in the 1st quarter. Eventide Asset Management LLC now owns 166,214 shares of the company's stock valued at $25,408,000 after buying an additional 162,965 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in SiTime by 360.8% during the 1st quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company's stock worth $20,670,000 after purchasing an additional 105,868 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of SiTime by 17.0% in the first quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company's stock valued at $92,233,000 after acquiring an additional 87,598 shares in the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.

SiTime Trading Down 2.9%

Shares of SITM traded down $8.97 during mid-day trading on Monday, hitting $303.88. The company's stock had a trading volume of 485,018 shares, compared to its average volume of 375,505. The company's 50-day moving average is $228.26 and its 200-day moving average is $197.41. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $318.21. The firm has a market capitalization of $7.90 billion, a price-to-earnings ratio of -87.32 and a beta of 2.18.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.18. The business had revenue of $69.49 million during the quarter, compared to analysts' expectations of $64.66 million. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The business's quarterly revenue was up 58.3% on a year-over-year basis. During the same quarter last year, the company posted $0.12 earnings per share. As a group, sell-side analysts predict that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Insider Activity at SiTime

In other news, insider Samsheer Ahamad sold 3,811 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $255.03, for a total value of $971,919.33. Following the transaction, the insider directly owned 58,077 shares of the company's stock, valued at approximately $14,811,377.31. This trade represents a 6.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Rajesh Vashist sold 2,000 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $232.00, for a total transaction of $464,000.00. Following the completion of the transaction, the chief executive officer directly owned 463,208 shares in the company, valued at approximately $107,464,256. This represents a 0.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,367 shares of company stock valued at $7,258,713 in the last quarter. 2.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SITM. Raymond James Financial restated an "outperform" rating and set a $270.00 target price (up previously from $250.00) on shares of SiTime in a research report on Friday, August 29th. UBS Group began coverage on shares of SiTime in a report on Thursday, August 14th. They issued a "buy" rating and a $260.00 price objective for the company. Barclays lifted their target price on shares of SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a report on Thursday, August 7th. Finally, Stifel Nicolaus raised their price target on shares of SiTime from $230.00 to $320.00 and gave the company a "buy" rating in a research report on Thursday. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $258.33.

SiTime Company Profile

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.