Mirae Asset Global Investments Co. Ltd. Decreases Stake in SiTime Co. (NASDAQ:SITM)

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of SiTime Co. (NASDAQ:SITM) by 7.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 81,701 shares of the company’s stock after selling 6,132 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.37% of SiTime worth $9,974,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SITM. Mackenzie Financial Corp increased its position in shares of SiTime by 8.1% in the 1st quarter. Mackenzie Financial Corp now owns 811 shares of the company’s stock valued at $201,000 after purchasing an additional 61 shares during the last quarter. Yousif Capital Management LLC raised its stake in SiTime by 1.2% in the first quarter. Yousif Capital Management LLC now owns 8,091 shares of the company’s stock valued at $2,005,000 after buying an additional 98 shares in the last quarter. Amalgamated Bank lifted its holdings in SiTime by 1.5% during the 3rd quarter. Amalgamated Bank now owns 7,606 shares of the company’s stock worth $869,000 after buying an additional 113 shares during the last quarter. Arizona State Retirement System lifted its holdings in SiTime by 2.5% during the 3rd quarter. Arizona State Retirement System now owns 4,687 shares of the company’s stock worth $535,000 after buying an additional 115 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its position in shares of SiTime by 2.9% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 4,287 shares of the company’s stock worth $490,000 after acquiring an additional 120 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Price Performance

Shares of NASDAQ SITM opened at $81.63 on Friday. The business has a 50-day moving average price of $96.20 and a 200 day moving average price of $107.88. SiTime Co. has a 52-week low of $80.10 and a 52-week high of $141.99.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Tuesday, February 13th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.01). The firm had revenue of $42.40 million during the quarter, compared to analyst estimates of $41.65 million. SiTime had a negative net margin of 55.93% and a negative return on equity of 10.21%. As a group, sell-side analysts expect that SiTime Co. will post -2.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SITM. Barclays boosted their target price on SiTime from $110.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 16th. Stifel Nicolaus boosted their price objective on shares of SiTime from $135.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, January 2nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, SiTime has an average rating of “Moderate Buy” and an average price target of $142.00.

Insider Buying and Selling

In other SiTime news, insider Fariborz Assaderaghi sold 1,026 shares of SiTime stock in a transaction on Monday, January 29th. The shares were sold at an average price of $116.37, for a total value of $119,395.62. Following the transaction, the insider now directly owns 94,056 shares in the company, valued at $10,945,296.72. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other SiTime news, CEO Rajesh Vashist sold 1,000 shares of SiTime stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $125.00, for a total value of $125,000.00. Following the transaction, the chief executive officer now directly owns 428,655 shares in the company, valued at approximately $53,581,875. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Fariborz Assaderaghi sold 1,026 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $116.37, for a total value of $119,395.62. Following the completion of the transaction, the insider now directly owns 94,056 shares in the company, valued at approximately $10,945,296.72. The disclosure for this sale can be found here. Insiders sold a total of 4,340 shares of company stock worth $455,780 in the last 90 days. Company insiders own 1.60% of the company’s stock.

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.