CenterBook Partners LP Invests $1.87 Million in SiTime Corporation $SITM

CenterBook Partners LP bought a new stake in shares of SiTime Corporation (NASDAQ:SITM) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,194 shares of the company’s stock, valued at approximately $1,866,000.

Other large investors have also recently added to or reduced their stakes in the company. Essex Financial Services Inc. bought a new position in shares of SiTime in the third quarter valued at $290,000. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of SiTime by 785.0% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 885 shares of the company’s stock worth $267,000 after acquiring an additional 785 shares during the last quarter. Vanguard Group Inc. raised its position in shares of SiTime by 4.7% during the third quarter. Vanguard Group Inc. now owns 2,764,066 shares of the company’s stock worth $832,841,000 after purchasing an additional 123,287 shares during the period. State of New Jersey Common Pension Fund D lifted its holdings in shares of SiTime by 2.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 9,500 shares of the company’s stock valued at $2,862,000 after purchasing an additional 269 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of SiTime by 29.6% during the third quarter. PNC Financial Services Group Inc. now owns 2,137 shares of the company’s stock valued at $644,000 after purchasing an additional 488 shares during the last quarter. 84.31% of the stock is currently owned by institutional investors.

SiTime Trading Down 3.4%

Shares of NASDAQ:SITM opened at $396.57 on Friday. The firm has a market cap of $10.43 billion, a price-to-earnings ratio of -217.90 and a beta of 2.51. SiTime Corporation has a 1 year low of $105.40 and a 1 year high of $446.95. The business has a fifty day simple moving average of $372.04 and a 200 day simple moving average of $309.40.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.33. The company had revenue of $113.29 million for the quarter, compared to analyst estimates of $101.91 million. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.The business’s revenue was up 66.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 EPS. On average, sell-side analysts forecast that SiTime Corporation will post -2.44 EPS for the current year.

Insider Activity

In related news, Director Akira Takata sold 3,500 shares of SiTime 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 completion of the sale, the director owned 13,734 shares of the company’s stock, valued at approximately $5,929,379.82. The trade was a 20.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Fariborz Assaderaghi sold 2,112 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $428.08, for a total transaction of $904,104.96. Following the transaction, the insider directly owned 97,937 shares in the company, valued at $41,924,870.96. The trade was a 2.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 25,278 shares of company stock valued at $9,796,580. 2.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SITM has been the topic of a number of analyst reports. Stifel Nicolaus set a $450.00 price target on SiTime in a research note on Thursday, February 5th. Barclays set a $400.00 target price on shares of SiTime in a report on Thursday, February 5th. Wall Street Zen raised shares of SiTime from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Raymond James Financial restated an “outperform” rating on shares of SiTime in a report on Tuesday, December 2nd. Finally, The Goldman Sachs Group began coverage on shares of SiTime in a research report on Monday, December 15th. They issued a “buy” rating and a $420.00 price target for the company. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $409.38.

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.