Citigroup Inc. Sells 12,146 Shares of SiTime Corporation $SITM

Citigroup Inc. trimmed its holdings in shares of SiTime Corporation (NASDAQ:SITM) by 58.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,496 shares of the company’s stock after selling 12,146 shares during the quarter. Citigroup Inc.’s holdings in SiTime were worth $2,560,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. American Century Companies Inc. bought a new stake in SiTime during the 2nd quarter valued at $64,873,000. Ameriprise Financial Inc. lifted its stake in shares of SiTime by 22.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after purchasing an additional 132,948 shares during the last quarter. Vanguard Group Inc. boosted its position in SiTime by 4.7% during the third quarter. Vanguard Group Inc. now owns 2,764,066 shares of the company’s stock valued at $832,841,000 after purchasing an additional 123,287 shares in the last quarter. TimesSquare Capital Management LLC boosted its position in SiTime by 455.2% during the third quarter. TimesSquare Capital Management LLC now owns 131,700 shares of the company’s stock valued at $39,683,000 after purchasing an additional 107,980 shares in the last quarter. Finally, Fortress Investment Group LLC purchased a new position in SiTime in the second quarter valued at about $22,182,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on SITM. Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research report on Thursday, January 22nd. Needham & Company LLC lifted their price objective on shares of SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Raymond James Financial reiterated an “outperform” rating on shares of SiTime in a research note on Tuesday, December 2nd. The Goldman Sachs Group started coverage on shares of SiTime in a research report on Monday, December 15th. They set a “buy” rating and a $420.00 target price for the company. Finally, Wall Street Zen raised shares of SiTime from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $409.38.

Insider Transactions at SiTime

In related news, Director Akira Takata sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $431.73, for a total value of $1,511,055.00. Following the sale, the director owned 13,734 shares in the company, valued at $5,929,379.82. This represents a 20.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Piyush B. Sevalia sold 566 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $413.08, for a total transaction of $233,803.28. Following the transaction, the insider directly owned 93,489 shares of the company’s stock, valued at $38,618,436.12. This represents a 0.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 23,263 shares of company stock valued at $9,851,457 over the last quarter. Company insiders own 2.10% of the company’s stock.

SiTime Price Performance

Shares of SITM stock opened at $327.35 on Friday. The business has a fifty day moving average of $377.53 and a 200 day moving average of $323.40. SiTime Corporation has a 1 year low of $105.40 and a 1 year high of $446.95. The firm has a market capitalization of $8.61 billion, a price-to-earnings ratio of -179.86 and a beta of 2.53.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results 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. The business had revenue of $113.29 million for the quarter, compared to the consensus estimate of $101.91 million. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.The company’s quarterly revenue was up 66.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.48 EPS. As a group, equities research analysts expect that SiTime Corporation will post -2.44 earnings per share for the current year.

About SiTime

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.