SiTime Corporation $SITM Shares Sold by Toronado Partners LLC

Toronado Partners LLC trimmed its stake in shares of SiTime Corporation (NASDAQ:SITM) by 53.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,312 shares of the company’s stock after selling 68,674 shares during the quarter. SiTime makes up 9.0% of Toronado Partners LLC’s holdings, making the stock its 7th biggest holding. Toronado Partners LLC owned about 0.23% of SiTime worth $12,638,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its holdings in SiTime by 18.3% during the 2nd quarter. Advisors Asset Management Inc. now owns 414 shares of the company’s stock worth $88,000 after purchasing an additional 64 shares during the last quarter. White Pine Capital LLC boosted its stake in shares of SiTime by 1.6% in the 2nd quarter. White Pine Capital LLC now owns 5,376 shares of the company’s stock valued at $1,146,000 after purchasing an additional 83 shares during the last quarter. Game Plan Financial Advisors LLC acquired a new stake in shares of SiTime during the second quarter worth $25,000. CWM LLC raised its stake in SiTime by 36.2% during the second quarter. CWM LLC now owns 617 shares of the company’s stock worth $131,000 after buying an additional 164 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in SiTime by 1.7% in the second quarter. New York State Common Retirement Fund now owns 13,673 shares of the company’s stock valued at $2,913,000 after buying an additional 235 shares during the period. 84.31% of the stock is currently owned by institutional investors.

SiTime Price Performance

Shares of SITM opened at $300.53 on Friday. SiTime Corporation has a one year low of $105.40 and a one year high of $386.00. The company has a market cap of $7.84 billion, a PE ratio of -101.53 and a beta of 2.36. The stock has a 50-day moving average of $290.24 and a 200-day moving average of $243.68.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. SiTime had a negative return on equity of 5.69% and a negative net margin of 25.18%.The business had revenue of $83.57 million for the quarter, compared to the consensus estimate of $78.08 million. During the same period in the prior year, the business earned $0.40 EPS. The firm’s revenue for the quarter was up 44.8% on a year-over-year basis. Analysts expect that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Roth Capital reiterated a “buy” rating and set a $350.00 price target on shares of SiTime in a report on Thursday, November 6th. UBS Group upped their target price on SiTime from $355.00 to $375.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Needham & Company LLC raised their target price on SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Stifel Nicolaus set a $360.00 target price on SiTime in a research note on Thursday, November 6th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $270.00 price target (up from $250.00) on shares of SiTime in a research note on Friday, August 29th. Six research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $332.14.

Insider Activity at SiTime

In related news, insider Piyush B. Sevalia sold 2,056 shares of the stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $251.50, for a total value of $517,084.00. Following the transaction, the insider directly owned 78,757 shares in the company, valued at $19,807,385.50. This trade represents a 2.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Samsheer Ahamad sold 6,000 shares of SiTime stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $250.00, for a total transaction of $1,500,000.00. Following the completion of the sale, the insider directly owned 61,888 shares of the company’s stock, valued at approximately $15,472,000. The trade was a 8.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 42,867 shares of company stock valued at $11,972,893 over the last three months. 2.10% of the stock is currently owned by company insiders.

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.