SiTime Co. (NASDAQ:SITM) Shares Acquired by Millennium Management LLC

Millennium Management LLC lifted its position in shares of SiTime Co. (NASDAQ:SITM) by 205.0% during the fourth quarter, Holdings Channel reports. The firm owned 7,344 shares of the company’s stock after acquiring an additional 4,936 shares during the quarter. Millennium Management LLC’s holdings in SiTime were worth $1,576,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mutual of America Capital Management LLC increased its position in SiTime by 1.7% in the 4th quarter. Mutual of America Capital Management LLC now owns 2,866 shares of the company’s stock valued at $615,000 after acquiring an additional 48 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of SiTime by 0.5% during the 4th quarter. State of Alaska Department of Revenue now owns 10,755 shares of the company’s stock worth $2,307,000 after acquiring an additional 57 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of SiTime by 44.7% during the 4th quarter. Blue Trust Inc. now owns 217 shares of the company’s stock worth $47,000 after acquiring an additional 67 shares in the last quarter. Summit Investment Advisors Inc. raised its position in shares of SiTime by 4.5% during the 4th quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the company’s stock worth $417,000 after purchasing an additional 83 shares during the last quarter. Finally, Arizona State Retirement System raised its position in shares of SiTime by 1.9% during the 4th quarter. Arizona State Retirement System now owns 5,368 shares of the company’s stock worth $1,152,000 after purchasing an additional 99 shares during the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Stock Performance

NASDAQ:SITM opened at $205.49 on Wednesday. The stock’s 50 day moving average price is $164.33 and its 200 day moving average price is $190.75. SiTime Co. has a 52 week low of $105.40 and a 52 week high of $268.18. The company has a market capitalization of $4.87 billion, a P/E ratio of -50.74 and a beta of 2.24.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, May 7th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.11 by $0.15. SiTime had a negative net margin of 46.18% and a negative return on equity of 10.12%. The firm had revenue of $60.31 million during the quarter, compared to analysts’ expectations of $54.01 million. During the same period in the prior year, the company earned ($0.08) EPS. The business’s quarterly revenue was up 82.7% compared to the same quarter last year. As a group, sell-side analysts forecast that SiTime Co. will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Fariborz Assaderaghi sold 1,267 shares of the stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $147.80, for a total transaction of $187,262.60. Following the completion of the sale, the insider now directly owns 113,584 shares of the company’s stock, valued at approximately $16,787,715.20. This represents a 1.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rajesh Vashist sold 20,000 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $210.65, for a total value of $4,213,000.00. Following the sale, the chief executive officer now directly owns 490,320 shares of the company’s stock, valued at approximately $103,285,908. The trade was a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,779 shares of company stock worth $10,591,318 in the last 90 days. Corporate insiders own 2.10% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on SITM. Stifel Nicolaus upped their price objective on SiTime from $180.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Barclays upped their price objective on shares of SiTime from $110.00 to $135.00 and gave the company an “underweight” rating in a research report on Thursday, May 8th. Needham & Company LLC raised their target price on shares of SiTime from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Finally, Raymond James reissued an “outperform” rating and issued a $250.00 target price (up previously from $215.00) on shares of SiTime in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $215.00.

SiTime Company Profile

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.