Needham Investment Management LLC Lowers Stake in SiTime Co. (NASDAQ:SITM)

Needham Investment Management LLC lowered its stake in shares of SiTime Co. (NASDAQ:SITM - Free Report) by 44.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,750 shares of the company's stock after selling 21,250 shares during the period. Needham Investment Management LLC owned about 0.11% of SiTime worth $5,739,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SITM. Blue Trust Inc. increased its stake in shares of SiTime by 44.7% during the fourth quarter. Blue Trust Inc. now owns 217 shares of the company's stock worth $47,000 after purchasing an additional 67 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in SiTime during the 4th quarter valued at about $58,000. Smartleaf Asset Management LLC raised its holdings in SiTime by 278.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 280 shares of the company's stock valued at $60,000 after acquiring an additional 206 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in SiTime in the 4th quarter valued at about $81,000. Finally, AlphaQuest LLC raised its holdings in SiTime by 8,460.0% in the 4th quarter. AlphaQuest LLC now owns 428 shares of the company's stock valued at $92,000 after acquiring an additional 423 shares during the last quarter. Hedge funds and other institutional investors own 84.31% of the company's stock.

Insiders Place Their Bets

In other news, insider Piyush B. Sevalia sold 1,038 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $157.64, for a total value of $163,630.32. Following the sale, the insider now directly owns 92,847 shares in the company, valued at approximately $14,636,401.08. This trade represents a 1.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Fariborz Assaderaghi sold 1,268 shares of SiTime stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $184.92, for a total transaction of $234,478.56. Following the sale, the insider now owns 112,316 shares in the company, valued at $20,769,474.72. This represents a 1.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,074 shares of company stock worth $1,195,421 in the last ninety days. 2.30% of the stock is owned by corporate insiders.

SiTime Price Performance

Shares of NASDAQ:SITM traded up $4.67 during mid-day trading on Friday, reaching $210.67. 352,049 shares of the company were exchanged, compared to its average volume of 244,549. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of -52.02 and a beta of 2.24. SiTime Co. has a 1 year low of $105.40 and a 1 year high of $268.18. The firm's 50-day simple moving average is $157.02 and its 200 day simple moving average is $190.14.

SiTime (NASDAQ:SITM - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.15. The company had revenue of $60.31 million for the quarter, compared to analyst estimates of $54.01 million. SiTime had a negative net margin of 46.18% and a negative return on equity of 10.12%. The firm's quarterly revenue was up 82.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.08) EPS. On average, research analysts forecast that SiTime Co. will post -2.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Raymond James reiterated an "outperform" rating and issued a $250.00 price objective (up previously from $215.00) on shares of SiTime in a report on Thursday, February 6th. Needham & Company LLC increased their price objective on shares of SiTime from $225.00 to $250.00 and gave the company a "buy" rating in a report on Thursday, February 6th. Stifel Nicolaus increased their price objective on shares of SiTime from $180.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Barclays increased their price objective on shares of SiTime from $110.00 to $135.00 and gave the company an "underweight" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $215.00.

About SiTime

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.