Bank of New York Mellon Corp Raises Stake in SiTime Corporation $SITM

Bank of New York Mellon Corp grew its stake in shares of SiTime Corporation (NASDAQ:SITM) by 16.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 353,960 shares of the company’s stock after buying an additional 51,295 shares during the quarter. Bank of New York Mellon Corp’s holdings in SiTime were worth $125,015,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SITM. Rakuten Securities Inc. boosted its stake in shares of SiTime by 188.5% during the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 49 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of SiTime by 190.3% during the third quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock valued at $27,000 after purchasing an additional 59 shares during the period. Optiver Holding B.V. boosted its stake in shares of SiTime by 56.1% during the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after purchasing an additional 32 shares during the period. Larson Financial Group LLC boosted its stake in shares of SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock valued at $30,000 after purchasing an additional 96 shares during the period. Finally, Danske Bank A S bought a new position in shares of SiTime during the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Trading Down 11.5%

SITM opened at $625.68 on Friday. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81. The company has a market cap of $16.52 billion, a price-to-earnings ratio of -619.49 and a beta of 2.94. The stock has a fifty day simple moving average of $582.71 and a two-hundred day simple moving average of $436.70.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $103.51 million. During the same period in the prior year, the firm posted $0.26 earnings per share. The company’s quarterly revenue was up 88.3% on a year-over-year basis. On average, analysts predict that SiTime Corporation will post 3.23 EPS for the current year.

Insider Transactions at SiTime

In other news, insider Fariborz Assaderaghi sold 1,000 shares of the stock in a transaction on 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 directly owned 78,936 shares of the company’s stock, valued at approximately $55,484,114.40. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Torsten Kreindl sold 710 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $720.00, for a total value of $511,200.00. Following the completion of the sale, the director directly owned 13,141 shares in the company, valued at approximately $9,461,520. This represents a 5.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 52,624 shares of company stock valued at $35,942,053. 1.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SITM. Stifel Nicolaus upped their target price on SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Roth Mkm restated a “buy” rating and set a $900.00 target price on shares of SiTime in a report on Thursday, May 7th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. Zacks Research upgraded SiTime from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Finally, Needham & Company LLC increased their price objective on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, SiTime currently has a consensus rating of “Moderate Buy” and a consensus target price of $661.88.

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.