Lazard Asset Management LLC Has $2.18 Million Stock Holdings in SiTime Corporation $SITM

Lazard Asset Management LLC raised its stake in SiTime Corporation (NASDAQ:SITM) by 865.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,315 shares of the company’s stock after purchasing an additional 5,661 shares during the period. Lazard Asset Management LLC’s holdings in SiTime were worth $2,181,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Royal Bank of Canada boosted its holdings in SiTime by 12.5% in the first quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock worth $675,000 after acquiring an additional 491 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after acquiring an additional 88 shares in the last quarter. AQR Capital Management LLC raised its position in shares of SiTime by 310.8% during the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock worth $1,557,000 after purchasing an additional 8,136 shares during the period. Intech Investment Management LLC lifted its holdings in shares of SiTime by 21.6% in the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock worth $1,272,000 after purchasing an additional 1,477 shares in the last quarter. Finally, M&T Bank Corp bought a new position in shares of SiTime in the 2nd quarter worth $240,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Stock Performance

Shares of SITM opened at $535.20 on Monday. The stock has a 50 day moving average of $647.50 and a 200 day moving average of $520.90. The company has a market capitalization of $14.13 billion, a price-to-earnings ratio of -529.90 and a beta of 2.91. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping 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 business’s revenue was up 88.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.26 earnings per share. As a group, equities research analysts predict that SiTime Corporation will post 3.23 earnings per share for the current year.

Insider Activity at SiTime

In related news, Director Torsten Kreindl sold 710 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $720.00, for a total value of $511,200.00. Following the transaction, the director directly owned 13,141 shares of the company’s stock, valued at approximately $9,461,520. The trade was a 5.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Rajesh Vashist sold 5,000 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $750.00, for a total transaction of $3,750,000.00. Following the transaction, the chief executive officer owned 9,781 shares of the company’s stock, valued at approximately $7,335,750. The trade was a 33.83% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 69,709 shares of company stock worth $50,230,546. 1.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SITM. Roth Capital restated a “buy” rating and set a $900.00 price objective on shares of SiTime in a report on Thursday, May 7th. Wall Street Zen upgraded SiTime from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. Stifel Nicolaus lifted their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Needham & Company LLC upped their target price on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $661.88.

SiTime Company 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.