Castleark Management LLC Acquires 970 Shares of SiTime Corporation $SITM

Castleark Management LLC grew its stake in shares of SiTime Corporation (NASDAQ:SITM) by 3.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 33,554 shares of the company’s stock after buying an additional 970 shares during the period. Castleark Management LLC owned approximately 0.13% of SiTime worth $11,851,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in SiTime by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock valued at $997,904,000 after acquiring an additional 61,336 shares in the last quarter. Invesco Ltd. increased its holdings in SiTime by 1.8% during the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock valued at $312,550,000 after purchasing an additional 18,165 shares in the last quarter. State Street Corp increased its holdings in SiTime by 3.7% during the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock valued at $194,176,000 after purchasing an additional 32,178 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in SiTime by 22.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after purchasing an additional 132,948 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in SiTime by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 539,425 shares of the company’s stock valued at $190,550,000 after purchasing an additional 15,850 shares in the last quarter. Institutional investors own 84.31% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on SITM. Wall Street Zen raised SiTime from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $400.00 to $850.00 in a research report on Thursday, May 7th. Stifel Nicolaus increased their price objective on SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Zacks Research upgraded SiTime from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Finally, Roth Mkm reiterated a “buy” rating and issued a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, SiTime presently has an average rating of “Moderate Buy” and a consensus price target of $661.88.

SiTime Trading Up 1.2%

SITM stock opened at $729.89 on Friday. The business’s 50-day moving average price is $618.04 and its two-hundred day moving average price is $451.56. The firm has a market cap of $19.27 billion, a PE ratio of -722.66 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 posted its earnings results 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. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The firm had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. During the same period in the previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter was up 88.3% on a year-over-year basis. On average, analysts forecast that SiTime Corporation will post 3.23 earnings per share for the current year.

Insider Transactions at SiTime

In related news, insider Fariborz Assaderaghi sold 1,000 shares of SiTime 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 sale, the insider owned 78,936 shares of the company’s stock, valued at approximately $55,484,114.40. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christine Heckart sold 1,290 shares of SiTime stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $700.00, for a total value of $903,000.00. Following the completion of the sale, the director directly owned 790 shares in the company, valued at approximately $553,000. This represents a 62.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 52,624 shares of company stock worth $35,942,053. 1.40% of the stock is currently owned by company insiders.

About SiTime

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.