Needham Investment Management LLC Grows Stake in SiTime Co. (NASDAQ:SITM)

Needham Investment Management LLC grew its position in SiTime Co. (NASDAQ:SITM) by 2.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,000 shares of the company’s stock after purchasing an additional 1,000 shares during the quarter. Needham Investment Management LLC owned about 0.21% of SiTime worth $8,232,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of SITM. GAMMA Investing LLC grew its holdings in SiTime by 281.0% in the second quarter. GAMMA Investing LLC now owns 381 shares of the company’s stock worth $47,000 after purchasing an additional 281 shares during the last quarter. Simplicity Wealth LLC acquired a new stake in shares of SiTime during the second quarter worth $258,000. Raymond James & Associates lifted its stake in shares of SiTime by 70.0% during the second quarter. Raymond James & Associates now owns 32,607 shares of the company’s stock worth $4,056,000 after buying an additional 13,421 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of SiTime by 59.5% during the second quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock worth $29,000 after buying an additional 88 shares during the period. Finally, Atlas Brown Inc. acquired a new stake in shares of SiTime during the second quarter worth $259,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

SiTime Price Performance

NASDAQ SITM traded down $0.77 during trading hours on Tuesday, hitting $216.31. 17,653 shares of the company’s stock traded hands, compared to its average volume of 202,377. SiTime Co. has a 52-week low of $72.39 and a 52-week high of $228.12. The company has a market capitalization of $5.05 billion, a PE ratio of -52.43 and a beta of 1.86. The firm’s 50-day moving average is $189.06 and its 200-day moving average is $153.90.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.14. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The company had revenue of $57.70 million during the quarter, compared to analysts’ expectations of $55.10 million. During the same quarter in the prior year, the company earned ($0.81) EPS. SiTime’s revenue was up 62.4% compared to the same quarter last year. Equities research analysts predict that SiTime Co. will post -2.98 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Fariborz Assaderaghi sold 363 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $216.25, for a total value of $78,498.75. Following the transaction, the insider now directly owns 104,322 shares in the company, valued at approximately $22,559,632.50. This represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Torsten Kreindl sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $220.86, for a total transaction of $1,325,160.00. Following the completion of the transaction, the director now owns 13,511 shares in the company, valued at approximately $2,984,039.46. This represents a 30.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,514 shares of company stock valued at $6,382,144 in the last 90 days. Company insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

SITM has been the subject of several research reports. Barclays lifted their price objective on shares of SiTime from $90.00 to $130.00 and gave the stock an “underweight” rating in a research note on Friday, November 8th. Needham & Company LLC boosted their target price on shares of SiTime from $140.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Stifel Nicolaus boosted their target price on shares of SiTime from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Finally, Roth Mkm boosted their target price on shares of SiTime from $205.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

SiTime Profile

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.