Cibc World Market Inc. Has $3.80 Million Holdings in SiTime Corporation $SITM

Cibc World Market Inc. lifted its holdings in shares of SiTime Corporation (NASDAQ:SITM) by 43.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,751 shares of the company’s stock after purchasing an additional 3,254 shares during the period. Cibc World Market Inc.’s holdings in SiTime were worth $3,797,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of SITM. Royal Bank of Canada lifted 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 purchasing an additional 491 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after purchasing an additional 88 shares during the period. AQR Capital Management LLC lifted its holdings in shares of SiTime by 310.8% during the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock worth $1,557,000 after purchasing an additional 8,136 shares during the period. Intech Investment Management LLC lifted its holdings in shares of SiTime by 21.6% during the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock worth $1,272,000 after purchasing an additional 1,477 shares during the period. Finally, M&T Bank Corp acquired a new position in shares of SiTime during the second quarter worth $240,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

Insider Activity at SiTime

In other news, Director Akira Takata sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total transaction 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. The trade was a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Rajesh Vashist sold 10,000 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $701.13, for a total transaction of $7,011,300.00. Following the sale, the chief executive officer directly owned 14,781 shares of the company’s stock, valued at approximately $10,363,402.53. The trade was a 40.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 52,624 shares of company stock valued at $35,942,053 over the last quarter. 1.40% of the stock is currently owned by company insiders.

SiTime Price Performance

NASDAQ:SITM opened at $664.28 on Tuesday. The firm has a 50-day moving average of $589.30 and a 200-day moving average of $440.76. The company has a market cap of $17.54 billion, a PE ratio of -657.70 and a beta of 2.94. SiTime Corporation has a one year low of $186.49 and a one year high of $901.81.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.14 by $0.30. The company had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The firm’s revenue for the quarter was up 88.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 earnings per share. On average, equities research analysts expect that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SITM shares. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $400.00 to $850.00 in a report on Thursday, May 7th. Stifel Nicolaus boosted their target price on shares of SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. Needham & Company LLC boosted their target price on shares of SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, Zacks Research upgraded shares of SiTime from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $661.88.

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.