Migdal Insurance & Financial Holdings Ltd. Invests $49,000 in SiTime Co. (NASDAQ:SITM)

Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of SiTime Co. (NASDAQ:SITM) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 397 shares of the company’s stock, valued at approximately $49,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Legato Capital Management LLC acquired a new stake in shares of SiTime during the second quarter worth $448,000. Louisiana State Employees Retirement System raised its position in shares of SiTime by 2.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 8,900 shares of the company’s stock worth $1,107,000 after purchasing an additional 200 shares during the period. Atlas Brown Inc. acquired a new position in SiTime during the 2nd quarter valued at approximately $259,000. Nisa Investment Advisors LLC grew its stake in SiTime by 59.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock worth $29,000 after buying an additional 88 shares during the last quarter. Finally, Raymond James & Associates increased its position in SiTime by 70.0% in the second quarter. Raymond James & Associates now owns 32,607 shares of the company’s stock worth $4,056,000 after buying an additional 13,421 shares during the period. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Price Performance

NASDAQ SITM traded down $3.32 on Friday, hitting $143.61. 25,643 shares of the company were exchanged, compared to its average volume of 213,739. SiTime Co. has a twelve month low of $72.39 and a twelve month high of $165.11. The company’s 50 day moving average price is $136.66 and its 200-day moving average price is $114.21. The firm has a market capitalization of $3.28 billion, a P/E ratio of -35.58 and a beta of 1.82.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.04 by $0.08. SiTime had a negative net margin of 60.46% and a negative return on equity of 10.53%. The business had revenue of $43.90 million during the quarter, compared to the consensus estimate of $41.01 million. During the same quarter in the prior year, the firm earned ($1.17) EPS. The firm’s quarterly revenue was up 58.5% on a year-over-year basis. As a group, equities analysts expect that SiTime Co. will post -3.03 EPS for the current year.

Insider Transactions at SiTime

In related news, EVP Piyush B. Sevalia sold 827 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $130.00, for a total transaction of $107,510.00. Following the transaction, the executive vice president now directly owns 89,624 shares of the company’s stock, valued at $11,651,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other SiTime news, CEO Rajesh Vashist sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $125.44, for a total value of $2,508,800.00. Following the completion of the sale, the chief executive officer now directly owns 455,367 shares of the company’s stock, valued at $57,121,236.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Piyush B. Sevalia sold 827 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $130.00, for a total transaction of $107,510.00. Following the transaction, the executive vice president now directly owns 89,624 shares in the company, valued at $11,651,120. The disclosure for this sale can be found here. Insiders sold a total of 50,005 shares of company stock valued at $6,608,878 over the last quarter. Company insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

SITM has been the subject of a number of analyst reports. Stifel Nicolaus boosted their target price on shares of SiTime from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Needham & Company LLC reissued a “buy” rating and set a $130.00 target price on shares of SiTime in a report on Tuesday, June 25th. Finally, Barclays lowered SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price target for the company. in a research note on Tuesday.

SiTime 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.