Cedar Wealth Management LLC Buys New Holdings in SiTime Corporation $SITM

Cedar Wealth Management LLC purchased a new stake in shares of SiTime Corporation (NASDAQ:SITM) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,377 shares of the company’s stock, valued at approximately $716,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. lifted its stake in shares of SiTime by 190.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock valued at $27,000 after purchasing an additional 59 shares in the last quarter. Optiver Holding B.V. increased its position in SiTime by 56.1% during the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock worth $27,000 after purchasing an additional 32 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in SiTime during the 3rd quarter worth approximately $47,000. Global Retirement Partners LLC raised its holdings in SiTime by 3,220.0% in the third quarter. Global Retirement Partners LLC now owns 166 shares of the company’s stock valued at $50,000 after buying an additional 161 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in SiTime by 33.6% in the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after buying an additional 88 shares during the period. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SITM. Raymond James Financial reaffirmed an “outperform” rating on shares of SiTime in a research report on Tuesday, December 2nd. Needham & Company LLC raised their target price on shares of SiTime from $400.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. The Goldman Sachs Group started coverage on shares of SiTime in a report on Monday, December 15th. They set a “buy” rating and a $420.00 target price on the stock. Stifel Nicolaus set a $450.00 price target on shares of SiTime in a research report on Thursday, February 5th. Finally, UBS Group increased their price target on SiTime from $430.00 to $485.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $409.38.

Insider Activity

In other news, Director Akira Takata sold 3,500 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $431.73, for a total transaction of $1,511,055.00. Following the completion of the sale, the director directly owned 13,734 shares in the company, valued at $5,929,379.82. This trade represents a 20.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Raman Chitkara sold 501 shares of SiTime stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $425.03, for a total value of $212,940.03. Following the sale, the director directly owned 21,508 shares in the company, valued at approximately $9,141,545.24. The trade was a 2.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 23,263 shares of company stock worth $9,851,457 over the last three months. 2.10% of the stock is currently owned by corporate insiders.

SiTime Stock Down 8.1%

Shares of NASDAQ:SITM opened at $327.35 on Friday. The company has a market capitalization of $8.61 billion, a price-to-earnings ratio of -179.86 and a beta of 2.53. The company has a 50 day moving average of $377.53 and a two-hundred day moving average of $323.40. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $446.95.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, February 4th. The company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.33. The business had revenue of $113.29 million for the quarter, compared to analysts’ expectations of $101.91 million. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The business’s revenue for the quarter was up 66.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.48 earnings per share. On average, equities analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current year.

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.