SiTime Corporation (NASDAQ:SITM) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in shares of SiTime Corporation (NASDAQ:SITM) by 4.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 115,963 shares of the company’s stock after selling 5,204 shares during the period. Bank of New York Mellon Corp owned about 0.49% of SiTime worth $17,727,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. GAMMA Investing LLC lifted its stake in shares of SiTime by 27,559.1% in the 1st quarter. GAMMA Investing LLC now owns 261,102 shares of the company’s stock worth $39,915,000 after acquiring an additional 260,158 shares during the period. Invesco Ltd. raised its holdings in shares of SiTime by 11.0% in the fourth quarter. Invesco Ltd. now owns 983,175 shares of the company’s stock worth $210,921,000 after acquiring an additional 97,062 shares during the last quarter. Hood River Capital Management LLC lifted its stake in shares of SiTime by 27.0% during the fourth quarter. Hood River Capital Management LLC now owns 421,960 shares of the company’s stock valued at $90,523,000 after buying an additional 89,632 shares during the period. Emerald Advisers LLC purchased a new stake in shares of SiTime in the fourth quarter valued at $18,673,000. Finally, Capital World Investors acquired a new position in shares of SiTime during the 4th quarter valued at about $17,654,000. 84.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on SITM shares. Stifel Nicolaus boosted their price objective on shares of SiTime from $210.00 to $230.00 and gave the stock a “buy” rating in a research note on Friday. Barclays increased their target price on shares of SiTime from $135.00 to $180.00 and gave the company an “underweight” rating in a research report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $228.00.

SiTime Stock Up 3.0%

SiTime stock opened at $215.40 on Friday. The stock has a 50-day simple moving average of $209.37 and a 200 day simple moving average of $188.49. SiTime Corporation has a 12-month low of $105.40 and a 12-month high of $268.18. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of -56.68 and a beta of 2.20.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.15. SiTime had a negative return on equity of 9.43% and a negative net margin of 38.60%. The company had revenue of $60.31 million for the quarter, compared to the consensus estimate of $54.01 million. During the same quarter in the prior year, the business posted ($0.08) EPS. The firm’s quarterly revenue was up 82.7% on a year-over-year basis. As a group, sell-side analysts anticipate that SiTime Corporation will post -2.44 EPS for the current year.

Insider Buying and Selling

In related news, insider Lionel Bonnot sold 1,991 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $201.36, for a total value of $400,907.76. Following the sale, the insider owned 82,579 shares in the company, valued at approximately $16,628,107.44. This represents a 2.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rajesh Vashist sold 10,000 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $215.00, for a total value of $2,150,000.00. Following the transaction, the chief executive officer owned 474,763 shares in the company, valued at $102,074,045. The trade was a 2.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 63,818 shares of company stock worth $13,171,258 in the last quarter. 2.10% of the stock is owned by company insiders.

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.