CenterBook Partners LP Has $1.77 Million Position in SiTime Corporation $SITM

CenterBook Partners LP cut its stake in shares of SiTime Corporation (NASDAQ:SITM) by 19.1% during the 4th quarter, HoldingsChannel reports. The firm owned 5,011 shares of the company’s stock after selling 1,183 shares during the period. CenterBook Partners LP’s holdings in SiTime were worth $1,770,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in SITM. Rakuten Securities Inc. lifted its stake in SiTime by 188.5% in the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 49 shares during the last quarter. Optiver Holding B.V. grew its stake in shares of SiTime by 56.1% during the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock worth $27,000 after buying an additional 32 shares during the last quarter. Hantz Financial Services Inc. increased its holdings in shares of SiTime by 190.3% during the third quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock worth $27,000 after buying an additional 59 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after buying an additional 96 shares in the last quarter. Finally, Danske Bank A S bought a new position in shares of SiTime in the 4th quarter valued at $35,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Christine Heckart sold 1,290 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $700.00, for a total value of $903,000.00. Following the sale, the director directly owned 790 shares of the company’s stock, valued at approximately $553,000. This represents a 62.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Torsten Kreindl sold 710 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $720.00, for a total transaction of $511,200.00. Following the completion of the transaction, the director owned 13,141 shares in the company, valued at approximately $9,461,520. The trade was a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 52,624 shares of company stock worth $35,942,053. Corporate insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

SITM has been the topic of several recent research reports. Zacks Research raised SiTime from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Barclays raised SiTime from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. Roth Mkm reiterated a “buy” rating and set a $900.00 target price on shares of SiTime in a research report on Thursday, May 7th. UBS Group boosted their target price on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a research report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, SiTime has a consensus rating of “Moderate Buy” and an average target price of $661.88.

SiTime Price Performance

Shares of SITM opened at $659.52 on Wednesday. The business has a 50-day moving average of $595.95 and a 200-day moving average of $443.50. The company has a market capitalization of $17.41 billion, a price-to-earnings ratio of -652.99 and a beta of 2.94. SiTime Corporation has a 1 year low of $186.49 and a 1 year high of $901.81.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.14 by $0.30. The business had revenue of $113.57 million for the quarter, compared to analysts’ expectations of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The firm’s revenue was up 88.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. As a group, sell-side analysts anticipate that SiTime Corporation will post 3.23 EPS for the current 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.