SiTime Corporation $SITM Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its position in shares of SiTime Corporation (NASDAQ:SITM) by 606.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,595 shares of the company’s stock after buying an additional 16,822 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.07% of SiTime worth $6,943,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada grew its holdings in shares of SiTime by 12.5% during the first quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock worth $675,000 after buying an additional 491 shares during the last quarter. Advisors Asset Management Inc. raised its position in SiTime by 33.6% in the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after acquiring an additional 88 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of SiTime by 310.8% in the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock valued at $1,557,000 after purchasing an additional 8,136 shares in the last quarter. Intech Investment Management LLC increased its holdings in SiTime by 21.6% in the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after buying an additional 1,477 shares in the last quarter. Finally, M&T Bank Corp acquired a new position in SiTime during the second quarter worth $240,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

SiTime Trading Down 2.4%

Shares of NASDAQ:SITM opened at $576.41 on Friday. The company has a fifty day simple moving average of $672.24 and a 200 day simple moving average of $513.49. The firm has a market cap of $15.22 billion, a PE ratio of -570.70 and a beta of 2.91. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. During the same quarter in the prior year, the business posted $0.26 EPS. The company’s revenue for the quarter was up 88.3% on a year-over-year basis. As a group, equities research analysts forecast that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Insider Activity at SiTime

In other news, CEO Rajesh Vashist sold 5,000 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $750.00, for a total value of $3,750,000.00. Following the transaction, the chief executive officer directly owned 9,781 shares in the company, valued at approximately $7,335,750. This trade represents a 33.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Torsten Kreindl sold 710 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $720.00, for a total transaction of $511,200.00. Following the completion of the transaction, the director directly owned 13,141 shares in the company, valued at $9,461,520. This represents a 5.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 69,709 shares of company stock valued at $50,230,546 in the last ninety days. 1.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Friday, July 17th. Zacks Research cut SiTime from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Needham & Company LLC boosted their price objective on shares of SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Stifel Nicolaus boosted their target price on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $400.00 to $850.00 in a report on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, SiTime has a consensus rating of “Moderate Buy” and a consensus price target of $661.88.

SiTime Company Profile

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.