Clough Capital Partners L P Makes New Investment in SiTime Corporation $SITM

Clough Capital Partners L P acquired a new position in shares of SiTime Corporation (NASDAQ:SITM) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,658 shares of the company’s stock, valued at approximately $1,102,000.

Other hedge funds also recently modified their holdings of the company. Bamco Inc. NY increased its position in shares of SiTime by 33.7% in the third quarter. Bamco Inc. NY now owns 178,103 shares of the company’s stock valued at $53,664,000 after acquiring an additional 44,901 shares during the last quarter. Bank of America Corp DE increased its position in shares of SiTime by 20.0% during the 3rd quarter. Bank of America Corp DE now owns 59,381 shares of the company’s stock worth $17,892,000 after purchasing an additional 9,917 shares during the last quarter. Boothbay Fund Management LLC increased its position in shares of SiTime by 21.1% during the 3rd quarter. Boothbay Fund Management LLC now owns 10,989 shares of the company’s stock worth $3,311,000 after purchasing an additional 1,914 shares during the last quarter. Algert Global LLC raised its stake in shares of SiTime by 47.9% during the 3rd quarter. Algert Global LLC now owns 15,613 shares of the company’s stock worth $4,704,000 after purchasing an additional 5,060 shares in the last quarter. Finally, Creative Planning boosted its holdings in shares of SiTime by 40.5% in the 3rd quarter. Creative Planning now owns 8,786 shares of the company’s stock valued at $2,647,000 after buying an additional 2,532 shares during the last quarter. Institutional investors own 84.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SITM shares. The Goldman Sachs Group started coverage on shares of SiTime in a research report on Monday, December 15th. They issued a “buy” rating and a $420.00 price objective for the company. Wall Street Zen cut shares of SiTime from a “buy” rating to a “hold” rating in a report on Saturday. UBS Group lifted their price target on SiTime from $430.00 to $485.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Needham & Company LLC boosted their price target on SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research report on Thursday, January 22nd. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $409.38.

Insider Transactions at SiTime

In other SiTime news, CEO Rajesh Vashist sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $369.20, for a total transaction of $738,400.00. Following the completion of the sale, the chief executive officer directly owned 431,609 shares in the company, valued at $159,350,042.80. This trade represents a 0.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Piyush B. Sevalia sold 566 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $413.08, for a total value of $233,803.28. Following the sale, the insider owned 93,489 shares of the company’s stock, valued at approximately $38,618,436.12. This represents a 0.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 23,263 shares of company stock worth $9,851,457. 2.10% of the stock is currently owned by insiders.

SiTime Price Performance

SITM stock opened at $326.13 on Friday. SiTime Corporation has a one year low of $105.40 and a one year high of $446.95. The stock has a market cap of $8.58 billion, a price-to-earnings ratio of -179.19 and a beta of 2.53. The company has a fifty day moving average price of $375.58 and a two-hundred day moving average price of $328.00.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.33. The company had revenue of $113.29 million for the quarter, compared to analyst estimates of $101.91 million. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The company’s revenue was up 66.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 earnings per share. Research analysts anticipate that SiTime Corporation will post -2.44 EPS 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.