Millrace Asset Group Inc. Lowers Stake in SiTime Co. (NASDAQ:SITM)

Millrace Asset Group Inc. lessened its position in shares of SiTime Co. (NASDAQ:SITM) by 6.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,720 shares of the company’s stock after selling 1,479 shares during the period. SiTime makes up 1.5% of Millrace Asset Group Inc.’s portfolio, making the stock its 25th biggest position. Millrace Asset Group Inc.’s holdings in SiTime were worth $2,876,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of SITM. Captrust Financial Advisors acquired a new position in shares of SiTime in the first quarter worth about $41,000. First Mercantile Trust Co. acquired a new stake in shares of SiTime during the 2nd quarter worth approximately $80,000. Twinbeech Capital LP acquired a new stake in shares of SiTime during the 1st quarter worth approximately $208,000. SG Americas Securities LLC acquired a new stake in shares of SiTime during the 1st quarter worth approximately $212,000. Finally, State Board of Administration of Florida Retirement System grew its holdings in SiTime by 5.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 2,321 shares of the company’s stock worth $229,000 after buying an additional 130 shares in the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

SiTime stock traded down $0.47 during mid-day trading on Tuesday, hitting $217.69. 1,905 shares of the company’s stock were exchanged, compared to its average volume of 190,129. The stock has a market cap of $4.15 billion, a P/E ratio of -5,423.50, a P/E/G ratio of 17.41 and a beta of 0.62. The stock has a 50 day moving average of $181.29 and a two-hundred day moving average of $130.83. SiTime Co. has a 1-year low of $70.31 and a 1-year high of $232.27.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, August 4th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.23. The company had revenue of $44.50 million for the quarter, compared to the consensus estimate of $40.04 million. SiTime had a negative return on equity of 0.11% and a negative net margin of 0.14%. The firm’s quarterly revenue was up 107.0% on a year-over-year basis. Analysts expect that SiTime Co. will post 0.87 EPS for the current fiscal year.

In other news, CFO Arthur D. Chadwick sold 4,889 shares of SiTime stock in a transaction that occurred on Monday, August 23rd. The shares were sold at an average price of $203.08, for a total value of $992,858.12. Following the completion of the transaction, the chief financial officer now owns 88,992 shares in the company, valued at $18,072,495.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Fariborz Assaderaghi sold 161 shares of the business’s stock in a transaction that occurred on Monday, August 23rd. The stock was sold at an average price of $212.90, for a total transaction of $34,276.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,650 shares of company stock worth $14,935,698. 0.80% of the stock is currently owned by company insiders.

SITM has been the subject of a number of recent analyst reports. TheStreet raised SiTime from a “d+” rating to a “c-” rating in a report on Thursday, August 5th. Credit Suisse Group started coverage on SiTime in a research note on Monday, August 30th. They set an “outperform” rating and a $225.00 price target for the company. Raymond James raised their price objective on SiTime from $150.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday, August 5th. Zacks Investment Research raised SiTime from a “hold” rating to a “strong-buy” rating and set a $236.00 price objective for the company in a research note on Thursday, August 12th. Finally, Barclays raised their price objective on SiTime from $175.00 to $245.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 14th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $221.00.

About SiTime

SiTime Corporation provides silicon timing systems in Taiwan, Hong Kong, the United States, and internationally. It provides resonators and clock integrated circuits, and various types of oscillators. The company's solutions are used in various markets, including enterprise and telecommunications infrastructure, automotive, industrial, Internet of Things, mobile, and aerospace and defense.

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Institutional Ownership by Quarter for SiTime (NASDAQ:SITM)

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