Handelsbanken Fonder AB Raises Stock Position in SiTime Corporation $SITM

Handelsbanken Fonder AB increased its holdings in shares of SiTime Corporation (NASDAQ:SITM) by 16.5% in the 4th quarter, HoldingsChannel reports. The firm owned 6,504 shares of the company’s stock after acquiring an additional 920 shares during the quarter. Handelsbanken Fonder AB’s holdings in SiTime were worth $2,297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Ratings Changes

SITM has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. Barclays raised shares of SiTime from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $400.00 to $850.00 in a report on Thursday, May 7th. Roth Mkm reaffirmed a “buy” rating and issued a $900.00 price objective on shares of SiTime 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 report on Thursday, May 7th. Finally, UBS Group lifted their price objective on shares of SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $661.88.

Insiders Place Their Bets

In related news, insider Piyush B. Sevalia sold 2,419 shares of the business’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the transaction, the insider directly owned 84,250 shares in the company, valued at approximately $40,781,212.50. The trade was a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Raman Chitkara sold 501 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $425.03, for a total transaction of $212,940.03. Following the transaction, the director owned 21,508 shares in the company, valued at $9,141,545.24. The trade was a 2.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 12,610 shares of company stock valued at $6,210,444. 1.40% of the stock is owned by company insiders.

SiTime Price Performance

Shares of NASDAQ SITM opened at $728.56 on Monday. The company’s 50-day simple moving average is $510.07 and its 200-day simple moving average is $409.36. SiTime Corporation has a 52-week low of $186.49 and a 52-week high of $901.81. The firm has a market cap of $19.23 billion, a price-to-earnings ratio of -721.35 and a beta of 2.91.

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