K.J. Harrison & Partners Inc Makes New $691,000 Investment in SiTime Corporation $SITM

K.J. Harrison & Partners Inc acquired a new stake in SiTime Corporation (NASDAQ:SITM) during the first quarter, HoldingsChannel.com reports. The fund acquired 2,000 shares of the company’s stock, valued at approximately $691,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Los Angeles Capital Management LLC lifted its position in shares of SiTime by 0.3% during the 4th quarter. Los Angeles Capital Management LLC now owns 9,023 shares of the company’s stock worth $3,187,000 after purchasing an additional 25 shares during the last quarter. Atlas Brown Inc. increased its holdings in SiTime by 1.6% in the fourth quarter. Atlas Brown Inc. now owns 2,292 shares of the company’s stock valued at $810,000 after buying an additional 37 shares during the last quarter. CWM LLC increased its holdings in SiTime by 4.2% in the fourth quarter. CWM LLC now owns 951 shares of the company’s stock valued at $336,000 after buying an additional 38 shares during the last quarter. Corient Private Wealth LLC raised its stake in SiTime by 5.9% in the fourth quarter. Corient Private Wealth LLC now owns 703 shares of the company’s stock valued at $249,000 after buying an additional 39 shares in the last quarter. Finally, Lazard Asset Management LLC raised its stake in SiTime by 7.7% in the second quarter. Lazard Asset Management LLC now owns 654 shares of the company’s stock valued at $139,000 after buying an additional 47 shares in the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SITM has been the subject of a number of recent analyst reports. Needham & Company LLC lifted their price target on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. The Goldman Sachs Group reiterated a “buy” rating and issued a $800.00 price objective on shares of SiTime in a report on Thursday, May 7th. Zacks Research raised SiTime from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Wall Street Zen cut SiTime from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Barclays raised SiTime from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $400.00 to $850.00 in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $661.88.

Insider Buying and Selling at SiTime

In related news, insider Fariborz Assaderaghi sold 1,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $702.90, for a total value of $702,900.00. Following the completion of the sale, the insider directly owned 78,936 shares of the company’s stock, valued at $55,484,114.40. This represents a 1.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christine Heckart sold 1,290 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $700.00, for a total value of $903,000.00. Following the transaction, the director owned 790 shares in the company, valued at $553,000. This represents a 62.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 73,375 shares of company stock valued at $51,931,438. 1.40% of the stock is owned by insiders.

SiTime Price Performance

Shares of NASDAQ:SITM opened at $601.66 on Monday. The company’s fifty day moving average price is $695.57 and its 200 day moving average price is $490.79. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81. The firm has a market capitalization of $15.88 billion, a P/E ratio of -595.70 and a beta of 2.91.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. During the same quarter in the prior year, the firm posted $0.26 earnings per share. SiTime’s revenue for the quarter was up 88.3% on a year-over-year basis. On average, 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.