Norges Bank Invests $83.98 Million in SiTime Corporation $SITM

Norges Bank acquired a new position in shares of SiTime Corporation (NASDAQ:SITM) during the 4th quarter, HoldingsChannel reports. The firm acquired 237,767 shares of the company’s stock, valued at approximately $83,977,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of SITM. Rakuten Securities Inc. grew its position in SiTime by 188.5% in the 4th 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. Hantz Financial Services Inc. boosted its holdings in shares of 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 acquiring an additional 59 shares in the last quarter. Optiver Holding B.V. boosted its holdings in SiTime by 56.1% during the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock worth $27,000 after buying an additional 32 shares in the last quarter. Larson Financial Group LLC boosted its holdings in SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after buying an additional 96 shares in the last quarter. Finally, Danske Bank A S bought a new stake in SiTime during the fourth quarter worth approximately $35,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SITM. Stifel Nicolaus raised their target price on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $400.00 to $850.00 in a report on Thursday, May 7th. Roth Mkm restated a “buy” rating and set a $900.00 price target on shares of SiTime in a report on Thursday, May 7th. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, SiTime presently has an average rating of “Moderate Buy” and a consensus target price of $661.88.

Insider Transactions at SiTime

In other news, CEO Rajesh Vashist sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $701.13, for a total value of $7,011,300.00. Following the completion of the transaction, the chief executive officer owned 14,781 shares in the company, valued at $10,363,402.53. This represents a 40.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $702,900.00. Following the transaction, the insider owned 78,936 shares of the company’s stock, valued at $55,484,114.40. The trade was a 1.25% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 52,624 shares of company stock valued at $35,942,053. Corporate insiders own 1.40% of the company’s stock.

SiTime Stock Down 11.5%

NASDAQ: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 firm has a market cap of $16.52 billion, a PE ratio of -619.49 and a beta of 2.94. The company’s 50-day moving average price is $582.71 and its two-hundred day moving average price is $436.70.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates 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 company’s revenue 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, research analysts expect that SiTime Corporation will post 3.23 EPS 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.