Federated Hermes Inc. Grows Stock Position in SiTime Corporation $SITM

Federated Hermes Inc. increased its holdings in SiTime Corporation (NASDAQ:SITM) by 38.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 100,000 shares of the company’s stock after buying an additional 28,000 shares during the quarter. Federated Hermes Inc.’s holdings in SiTime were worth $21,308,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its position in SiTime by 18.3% in the second quarter. Advisors Asset Management Inc. now owns 414 shares of the company’s stock worth $88,000 after acquiring an additional 64 shares during the period. White Pine Capital LLC raised its holdings in SiTime by 1.6% in the 2nd quarter. White Pine Capital LLC now owns 5,376 shares of the company’s stock worth $1,146,000 after purchasing an additional 83 shares during the period. Game Plan Financial Advisors LLC bought a new position in SiTime in the 2nd quarter worth $25,000. CWM LLC lifted its position in SiTime by 36.2% during the second quarter. CWM LLC now owns 617 shares of the company’s stock valued at $131,000 after purchasing an additional 164 shares in the last quarter. Finally, New York State Common Retirement Fund grew its holdings in SiTime by 1.7% during the second quarter. New York State Common Retirement Fund now owns 13,673 shares of the company’s stock valued at $2,913,000 after purchasing an additional 235 shares during the period. 84.31% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at SiTime

In other news, insider Samsheer Ahamad sold 4,000 shares of SiTime stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $291.10, for a total value of $1,164,400.00. Following the sale, the insider directly owned 51,711 shares of the company’s stock, valued at approximately $15,053,072.10. The trade was a 7.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,500 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $291.58, for a total value of $437,370.00. Following the transaction, the insider directly owned 84,815 shares of the company’s stock, valued at approximately $24,730,357.70. The trade was a 1.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 32,311 shares of company stock worth $9,825,229. 2.30% of the stock is currently owned by company insiders.

SiTime Price Performance

SiTime stock opened at $366.49 on Wednesday. SiTime Corporation has a 1 year low of $105.40 and a 1 year high of $386.00. The firm’s 50 day moving average price is $295.75 and its 200-day moving average price is $250.59. The stock has a market cap of $9.57 billion, a P/E ratio of -123.81 and a beta of 2.55.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.16. The company had revenue of $83.57 million during the quarter, compared to analysts’ expectations of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. SiTime’s quarterly revenue was up 44.8% on a year-over-year basis. During the same period last year, the company posted $0.40 earnings per share. As a group, equities analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

Analyst Upgrades and Downgrades

SITM has been the topic of several recent research reports. Raymond James Financial reaffirmed an “outperform” rating on shares of SiTime in a research note on Tuesday, December 2nd. Needham & Company LLC raised their target price on shares of SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Wednesday, October 8th. Roth Capital reissued a “buy” rating and issued a $350.00 price objective on shares of SiTime in a research note on Thursday, November 6th. Finally, Stifel Nicolaus set a $360.00 target price on shares of SiTime in a research note on Thursday, November 6th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $332.14.

SiTime Profile

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.