Bank of New York Mellon Corp Boosts Holdings in SiTime Corporation $SITM

Bank of New York Mellon Corp grew its stake in shares of SiTime Corporation (NASDAQ:SITM) by 5.4% during the first quarter, HoldingsChannel reports. The firm owned 372,943 shares of the company’s stock after purchasing an additional 18,983 shares during the quarter. Bank of New York Mellon Corp’s holdings in SiTime were worth $128,796,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of SITM. Vanguard Group Inc. raised its stake in SiTime by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock worth $997,904,000 after buying an additional 61,336 shares in the last quarter. Invesco Ltd. boosted its position 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 acquiring an additional 18,165 shares in the last quarter. State Street Corp boosted its position 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 acquiring an additional 32,178 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of SiTime by 22.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after acquiring an additional 132,948 shares during the period. Finally, Whale Rock Capital Management LLC grew its holdings in shares of SiTime by 45.4% during the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock worth $246,717,000 after acquiring an additional 218,038 shares during the period. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Roth Capital reissued a “buy” rating and issued a $900.00 target price on shares of SiTime in a research report on Thursday, May 7th. UBS Group lifted their price target on SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $800.00 price target on shares of SiTime in a research note on Thursday, May 7th. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $400.00 to $850.00 in a report on Thursday, May 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research report on Tuesday, April 21st. Eight investment 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. Based on data from MarketBeat, SiTime currently has an average rating of “Moderate Buy” and an average price target of $661.88.

Insider Buying and Selling

In related news, Director Raman Chitkara sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $727.38, for a total value of $1,454,760.00. Following the sale, the director owned 19,898 shares in the company, valued at $14,473,407.24. This represents a 9.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Heckart sold 1,290 shares of the firm’s stock in a transaction that occurred 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 transaction, the director directly owned 790 shares of the company’s stock, valued at approximately $553,000. This trade represents a 62.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 69,709 shares of company stock worth $50,230,546 over the last three months. Corporate insiders own 1.40% of the company’s stock.

SiTime Stock Performance

Shares of SITM opened at $554.97 on Monday. The stock has a market cap of $14.65 billion, a PE ratio of -549.48 and a beta of 2.91. SiTime Corporation has a fifty-two week low of $186.49 and a fifty-two week high of $901.81. The firm’s 50-day simple moving average is $694.08 and its two-hundred day simple moving average is $507.34.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. During the same quarter last year, the firm earned $0.26 earnings per share. The business’s revenue for the quarter was up 88.3% on a year-over-year basis. Equities research analysts predict that SiTime Corporation will post 3.23 EPS for the current year.

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.