Bank of Montreal Can Increases Holdings in SiTime Corporation $SITM

Bank of Montreal Can grew its stake in SiTime Corporation (NASDAQ:SITM) by 8.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,168 shares of the company’s stock after acquiring an additional 247 shares during the quarter. Bank of Montreal Can’s holdings in SiTime were worth $675,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of SITM. Advisors Asset Management Inc. boosted its stake in SiTime by 33.6% in the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after purchasing an additional 88 shares in the last quarter. Xponance Inc. increased its stake in SiTime by 7.2% during the 1st quarter. Xponance Inc. now owns 1,419 shares of the company’s stock valued at $217,000 after purchasing an additional 95 shares in the last quarter. Game Plan Financial Advisors LLC purchased a new position in SiTime in the second quarter worth about $25,000. CWM LLC lifted its stake in shares of SiTime by 36.2% in the second quarter. CWM LLC now owns 617 shares of the company’s stock worth $131,000 after buying an additional 164 shares in the last quarter. Finally, Yousif Capital Management LLC grew its holdings in shares of SiTime by 3.5% during the second quarter. Yousif Capital Management LLC now owns 7,238 shares of the company’s stock valued at $1,542,000 after buying an additional 246 shares during the last quarter. 84.31% of the stock is currently owned by institutional investors.

SiTime Stock Down 2.1%

SiTime stock opened at $282.58 on Monday. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $386.00. The company has a market cap of $7.38 billion, a P/E ratio of -95.47 and a beta of 2.36. The business has a 50-day simple moving average of $289.43 and a two-hundred day simple moving average of $237.26.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The company had revenue of $83.57 million for the quarter, compared to the consensus estimate of $78.08 million. During the same quarter last year, the firm posted $0.40 earnings per share. The firm’s revenue was up 44.8% compared to the same quarter last year. Research analysts anticipate that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research note on Wednesday, October 8th. Barclays increased their price objective on SiTime from $220.00 to $260.00 and gave the company an “underweight” rating in a research report on Thursday, November 6th. Stifel Nicolaus set a $360.00 target price on shares of SiTime in a research note on Thursday, November 6th. UBS Group raised their price target on shares of SiTime from $355.00 to $375.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Finally, Roth Capital reissued a “buy” rating and set a $350.00 price objective on shares of SiTime in a report on Thursday, November 6th. Five analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, SiTime presently has an average rating of “Hold” and a consensus target price of $329.17.

Insider Activity

In other news, CEO Rajesh Vashist sold 10,000 shares of the company’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $329.00, for a total value of $3,290,000.00. Following the completion of the sale, the chief executive officer directly owned 439,208 shares in the company, valued at $144,499,432. This represents a 2.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $231.75, for a total value of $695,250.00. Following the transaction, the insider directly owned 90,433 shares in the company, valued at approximately $20,957,847.75. The trade was a 3.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 44,867 shares of company stock worth $12,458,213. Company insiders own 2.30% of the company’s stock.

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.