Blueshift Asset Management LLC Takes $324,000 Position in SiTime Corporation $SITM

Blueshift Asset Management LLC bought a new position in SiTime Corporation (NASDAQ:SITM) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,520 shares of the company’s stock, valued at approximately $324,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SITM. Ameriprise Financial Inc. grew its position in shares of SiTime by 17.0% in the 1st quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company’s stock worth $92,233,000 after buying an additional 87,598 shares during the last quarter. Geode Capital Management LLC lifted its stake in SiTime by 11.2% in the second quarter. Geode Capital Management LLC now owns 506,400 shares of the company’s stock worth $107,918,000 after acquiring an additional 51,063 shares during the period. Alliancebernstein L.P. boosted its holdings in SiTime by 2,016.8% in the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock valued at $67,756,000 after acquiring an additional 422,288 shares in the last quarter. American Century Companies Inc. bought a new stake in SiTime in the second quarter valued at $64,873,000. Finally, Wellington Management Group LLP increased its position in SiTime by 41.9% during the 1st quarter. Wellington Management Group LLP now owns 277,590 shares of the company’s stock valued at $42,435,000 after purchasing an additional 82,017 shares during the period. Institutional investors own 84.31% of the company’s stock.

SiTime Stock Performance

SITM stock opened at $346.50 on Thursday. The firm has a 50 day moving average price of $290.76 and a 200-day moving average price of $245.93. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $386.00. The firm has a market capitalization of $9.04 billion, a price-to-earnings ratio of -117.06 and a beta of 2.55.

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

Insider Activity

In other news, CEO Rajesh Vashist sold 2,000 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $291.02, for a total transaction of $582,040.00. Following the sale, the chief executive officer owned 433,609 shares in the company, valued at $126,188,891.18. This represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Samsheer Ahamad sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $291.10, for a total transaction of $1,164,400.00. Following the completion of the transaction, the insider owned 51,711 shares of the company’s stock, valued at approximately $15,053,072.10. The trade was a 7.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 40,367 shares of company stock valued at $11,842,313. Company insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SITM. Loop Capital started coverage on shares of SiTime in a research note on Friday, November 21st. They set a “buy” rating and a $350.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Wednesday, October 8th. UBS Group upped their target price on SiTime from $355.00 to $375.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Raymond James Financial reissued an “outperform” rating on shares of SiTime in a research report on Tuesday. Finally, Roth Capital restated a “buy” rating and set a $350.00 price target on shares of SiTime in a research report on Thursday, November 6th. Six investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $332.14.

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.