Needham Investment Management LLC Increases Position in SiTime Co. (NASDAQ:SITM)

Needham Investment Management LLC raised its position in SiTime Co. (NASDAQ:SITM) by 2.1% during the third quarter, HoldingsChannel reports. The firm owned 48,000 shares of the company’s stock after buying an additional 1,000 shares during the quarter. Needham Investment Management LLC’s holdings in SiTime were worth $8,232,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. FMR LLC increased its position in shares of SiTime by 1.1% in the 3rd quarter. FMR LLC now owns 3,469,843 shares of the company’s stock valued at $595,113,000 after purchasing an additional 39,119 shares during the last quarter. Principal Financial Group Inc. raised its stake in SiTime by 15.4% during the 3rd quarter. Principal Financial Group Inc. now owns 448,930 shares of the company’s stock worth $76,996,000 after acquiring an additional 59,931 shares in the last quarter. William Blair Investment Management LLC raised its stake in SiTime by 62.0% during the 2nd quarter. William Blair Investment Management LLC now owns 208,098 shares of the company’s stock worth $25,883,000 after acquiring an additional 79,648 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in SiTime by 7.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 165,820 shares of the company’s stock worth $28,440,000 after acquiring an additional 11,955 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new stake in SiTime during the 2nd quarter worth $16,831,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

SiTime Price Performance

Shares of NASDAQ SITM traded down $0.77 on Tuesday, hitting $216.31. The company’s stock had a trading volume of 17,653 shares, compared to its average volume of 202,377. SiTime Co. has a 12-month low of $72.39 and a 12-month high of $228.12. The company has a market capitalization of $5.05 billion, a price-to-earnings ratio of -52.43 and a beta of 1.86. The stock has a 50 day moving average of $189.06 and a 200-day moving average of $153.90.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results 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. The company had revenue of $57.70 million for the quarter, compared to the consensus estimate of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The company’s revenue for the quarter was up 62.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.81) earnings per share. Sell-side analysts expect that SiTime Co. will post -2.98 EPS for the current fiscal year.

Insider Activity

In other news, insider Fariborz Assaderaghi sold 1,003 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $140.00, for a total value of $140,420.00. Following the completion of the sale, the insider now owns 111,581 shares of the company’s stock, valued at $15,621,340. This represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Rajesh Vashist sold 20,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $170.07, for a total transaction of $3,401,400.00. Following the completion of the transaction, the chief executive officer now owns 424,417 shares of the company’s stock, valued at $72,180,599.19. This trade represents a 4.50 % 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 over the last 90 days. Insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

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

SiTime Company 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.