Vanguard Group Inc. Purchases 61,336 Shares of SiTime Corporation $SITM

Key Points

• Vanguard increased its stake in SiTime by 2.2% (an additional 61,336 shares) to 2,825,402 shares, representing about 10.83% of the company and roughly $997.9 million per its latest 13F filing.
• Insiders sold 26,178 shares worth about $11.28 million over the last quarter (including notable sales by Fariborz Assaderaghi and Piyush Sevalia), bringing total insider ownership to roughly 2.10%.
• Wall Street is mostly positive—seven Buys, consensus "Moderate Buy" and a $415.63 average target—supported by a recent quarter where SiTime beat estimates (EPS $1.53 vs. $1.20; revenue $113.3M, +66.3% YoY) and a market cap of about $14.75 billion.

Vanguard Group Inc. raised its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 2.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,825,402 shares of the company's stock after acquiring an additional 61,336 shares during the period. Vanguard Group Inc. owned approximately 10.83% of SiTime worth $997,904,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of SITM. Royal Bank of Canada increased its position 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 acquiring an additional 491 shares during the last quarter. Advisors Asset Management Inc. increased its position 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 acquiring an additional 88 shares during the last quarter. AQR Capital Management LLC increased its position 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 acquiring an additional 8,136 shares during the last quarter. Intech Investment Management LLC increased its position 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 acquiring an additional 1,477 shares during the last quarter. Finally, M&T Bank Corp purchased a new stake in shares of SiTime during the second quarter valued at $240,000. Institutional investors own 84.31% of the company's stock.

Insider Buying and Selling

In related news, insider Fariborz Assaderaghi sold 4,984 shares of the company's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $406.45, for a total value of $2,025,746.80. Following the completion of the sale, the insider directly owned 89,194 shares of the company's stock, valued at $36,252,901.30. This represents a 5.29% decrease in their ownership of the stock. 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 dated 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 directly owned 84,250 shares of the company's stock, valued at approximately $40,781,212.50. This trade represents a 2.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 26,178 shares of company stock valued at $11,282,324 over the last quarter. 2.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Needham & Company LLC boosted their target price on shares of SiTime from $400.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, February 5th. Stifel Nicolaus boosted their target price on shares of SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Barclays set a $400.00 target price on shares of SiTime in a research note on Thursday, February 5th. Roth Mkm reissued a "buy" rating and set a $450.00 target price on shares of SiTime in a research note on Thursday, February 5th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of SiTime in a research note on Tuesday, April 21st. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $415.63.

SiTime Trading Down 0.6%

Shares of SITM opened at $558.63 on Friday. The firm has a market capitalization of $14.75 billion, a P/E ratio of -306.94 and a beta of 2.91. SiTime Corporation has a 12-month low of $158.63 and a 12-month high of $591.13. The firm has a fifty day moving average price of $406.34 and a 200-day moving average price of $361.44.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.33. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.The firm had revenue of $113.29 million during the quarter, compared to the consensus estimate of $101.91 million. During the same period in the previous year, the company posted $0.48 earnings per share. The firm's quarterly revenue was up 66.3% on a year-over-year basis. Analysts predict that SiTime Corporation will post 1.31 earnings per share for the current year.

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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