Atika Capital Management LLC Invests $5.11 Million in SiTime Corporation $SITM

Atika Capital Management LLC bought a new stake in SiTime Corporation (NASDAQ:SITM) in the 1st quarter, Holdings Channel.com reports. The firm bought 14,805 shares of the company’s stock, valued at approximately $5,113,000.

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

Insiders Place Their Bets

In other SiTime news, insider Fariborz Assaderaghi sold 1,709 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $731.49, for a total value of $1,250,116.41. Following the completion of the sale, the insider owned 81,436 shares of the company’s stock, valued at approximately $59,569,619.64. This trade represents a 2.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Akira Takata sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total value of $1,291,290.00. Following the completion of the sale, the director directly owned 12,234 shares of the company’s stock, valued at $10,531,761.24. This trade represents a 10.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 69,709 shares of company stock valued at $50,230,546. 1.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SITM has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Friday, July 17th. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $400.00 to $850.00 in a report on Thursday, May 7th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Zacks Research lowered shares of SiTime from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Finally, Stifel Nicolaus lifted their target price on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $661.88.

SiTime Trading Down 2.4%

NASDAQ:SITM opened at $576.41 on Friday. The stock has a market capitalization of $15.22 billion, a price-to-earnings ratio of -570.70 and a beta of 2.91. The firm has a fifty day simple moving average of $672.24 and a two-hundred day simple moving average of $513.49. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.30. The firm had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business’s quarterly revenue was up 88.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.26 earnings per share. Equities analysts predict that SiTime Corporation will post 3.23 earnings per share for the current fiscal 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.