Kornitzer Capital Management Inc. KS Has $5.34 Million Stock Position in SiTime Corporation $SITM

Kornitzer Capital Management Inc. KS cut its holdings in shares of SiTime Corporation (NASDAQ:SITM) by 46.5% in the third quarter, HoldingsChannel reports. The fund owned 17,705 shares of the company’s stock after selling 15,405 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in SiTime were worth $5,335,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Scalar Gauge Management LLC acquired a new position in shares of SiTime in the 3rd quarter valued at about $8,135,000. Vanguard Personalized Indexing Management LLC grew its position in SiTime by 2.4% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 2,735 shares of the company’s stock valued at $825,000 after purchasing an additional 64 shares in the last quarter. CIBC Asset Management Inc acquired a new position in SiTime in the 3rd quarter valued at approximately $221,000. Emerald Mutual Fund Advisers Trust increased its stake in SiTime by 10.6% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 98,689 shares of the company’s stock valued at $29,736,000 after buying an additional 9,492 shares during the period. Finally, Emerald Advisers LLC lifted its position in SiTime by 8.4% in the 3rd quarter. Emerald Advisers LLC now owns 162,243 shares of the company’s stock worth $48,885,000 after buying an additional 12,519 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Insider Buying and Selling

In other SiTime news, CEO Rajesh Vashist sold 10,000 shares of the business’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $329.00, for a total transaction of $3,290,000.00. Following the completion of the transaction, the chief executive officer owned 439,208 shares of the company’s stock, valued at $144,499,432. The trade was a 2.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Samsheer Ahamad sold 4,000 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $291.10, for a total transaction of $1,164,400.00. Following the sale, the insider owned 51,711 shares of the company’s stock, valued at $15,053,072.10. This trade represents a 7.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 21,500 shares of company stock worth $6,791,710 in the last quarter. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SITM shares. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Thursday, January 22nd. UBS Group lifted their price objective on SiTime from $375.00 to $430.00 and gave the company a “buy” rating in a research report on Monday. Roth Mkm reaffirmed a “buy” rating and issued a $350.00 target price on shares of SiTime in a research report on Thursday, November 6th. Barclays set a $360.00 price target on SiTime and gave the stock an “equal weight” rating in a research note on Thursday, January 15th. Finally, Loop Capital started coverage on SiTime in a research note on Friday, November 21st. They issued a “buy” rating and a $350.00 price target for the company. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $367.50.

SiTime Stock Performance

SITM opened at $358.08 on Wednesday. The firm has a market cap of $9.35 billion, a P/E ratio of -120.97 and a beta of 2.49. The business has a 50 day moving average price of $344.56 and a 200 day moving average price of $287.46. SiTime Corporation has a twelve month low of $105.40 and a twelve month high of $393.80.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 EPS for the quarter, beating the consensus estimate 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 company had revenue of $83.57 million for the quarter, compared to the consensus estimate of $78.08 million. During the same quarter last year, the company posted $0.40 earnings per share. The company’s revenue for the quarter was up 44.8% compared to the same quarter last year. As a group, analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

SiTime 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.