Cibc World Market Inc. Purchases New Position in SiTime Corporation $SITM

Cibc World Market Inc. purchased a new stake in SiTime Corporation (NASDAQ:SITM) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,497 shares of the company’s stock, valued at approximately $2,259,000.

Several other institutional investors have also modified their holdings of SITM. American Century Companies Inc. acquired a new stake in SiTime during the 2nd quarter worth $64,873,000. Ameriprise Financial Inc. grew its holdings in shares of SiTime by 22.0% during the second 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. Fortress Investment Group LLC acquired a new stake in shares of SiTime during the second quarter worth about $22,182,000. Geode Capital Management LLC boosted its position in shares of SiTime by 11.2% in the 2nd quarter. Geode Capital Management LLC now owns 506,400 shares of the company’s stock valued at $107,918,000 after purchasing an additional 51,063 shares during the period. Finally, Osterweis Capital Management Inc. acquired a new position in SiTime during the second quarter worth approximately $10,267,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Insider Transactions at SiTime

In related news, insider Samsheer Ahamad sold 9,100 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $441.47, for a total value of $4,017,377.00. Following the sale, the insider owned 52,938 shares of the company’s stock, valued at approximately $23,370,538.86. This represents a 14.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Akira Takata sold 3,500 shares of the stock in a transaction on Friday, February 6th. The shares were 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 approximately $5,929,379.82. This trade represents a 20.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 24,712 shares of company stock worth $9,562,777 over the last quarter. Insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

SITM has been the subject of several research analyst reports. The Goldman Sachs Group initiated coverage on shares of SiTime in a research report on Monday, December 15th. They set a “buy” rating and a $420.00 target price on the stock. Raymond James Financial restated an “outperform” rating on shares of SiTime in a research note on Tuesday, December 2nd. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a research note on Saturday. Needham & Company LLC boosted their price target on SiTime from $400.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Finally, Barclays set a $400.00 price objective on SiTime in a research note on Thursday, February 5th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $409.38.

SiTime Stock Performance

SiTime stock opened at $420.23 on Tuesday. SiTime Corporation has a one year low of $105.40 and a one year high of $446.95. The company has a market cap of $11.05 billion, a P/E ratio of -230.90 and a beta of 2.51. The business has a fifty day moving average of $370.19 and a two-hundred day moving average of $306.51.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.20 by $0.33. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The firm had revenue of $113.29 million during the quarter, compared to analysts’ expectations of $101.91 million. During the same quarter last year, the business earned $0.48 earnings per share. The business’s revenue for the quarter was up 66.3% compared to the same quarter last year. Sell-side analysts predict that SiTime Corporation will post -2.44 EPS for the current year.

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.