Franklin Resources Inc. Sells 169,249 Shares of SiTime Corporation $SITM

Franklin Resources Inc. lowered its holdings in SiTime Corporation (NASDAQ:SITM) by 25.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 495,214 shares of the company’s stock after selling 169,249 shares during the quarter. Franklin Resources Inc. owned approximately 1.90% of SiTime worth $174,905,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Rakuten Securities Inc. raised its stake in shares of SiTime by 188.5% during the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 49 shares in the last quarter. Hantz Financial Services Inc. raised its stake in shares of SiTime by 190.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock worth $27,000 after acquiring an additional 59 shares in the last quarter. Optiver Holding B.V. raised its stake in shares of 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 acquiring an additional 32 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of SiTime by 3,200.0% during the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after acquiring an additional 96 shares in the last quarter. Finally, Danske Bank A S bought a new position in shares of SiTime during the 4th quarter worth approximately $35,000. Institutional investors own 84.31% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on SITM. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research note on Tuesday, April 21st. Stifel Nicolaus boosted their price objective on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Roth Mkm reiterated a “buy” rating and set a $900.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $800.00 price objective on shares of SiTime in a research note 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 issued a Sell rating to the company. According to MarketBeat.com, SiTime presently has an average rating of “Moderate Buy” and a consensus target price of $661.88.

SiTime Trading Down 0.7%

Shares of SiTime stock opened at $659.52 on Wednesday. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81. The firm has a market capitalization of $17.41 billion, a price-to-earnings ratio of -652.99 and a beta of 2.94. The firm’s 50 day simple moving average is $595.95 and its two-hundred day simple moving average is $443.50.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the prior year, the business posted $0.26 EPS. SiTime’s revenue for the quarter was up 88.3% compared to the same quarter last year. On average, sell-side analysts predict that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Insider Buying and Selling at SiTime

In other news, Director Christine Heckart sold 1,290 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $700.00, for a total value of $903,000.00. Following the sale, the director directly owned 790 shares of the company’s stock, valued at $553,000. This represents a 62.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Piyush B. Sevalia sold 2,419 shares of the company’s stock in a transaction on 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 completion of the sale, the insider directly owned 84,250 shares in the company, valued at $40,781,212.50. This trade represents a 2.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 52,624 shares of company stock worth $35,942,053 in the last three months. 1.40% of the stock is owned by company insiders.

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.