Oppenheimer Asset Management Inc. Lowers Holdings in SiTime Co. (NASDAQ:SITM)

Oppenheimer Asset Management Inc. decreased its holdings in SiTime Co. (NASDAQ:SITM) by 16.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,024 shares of the company’s stock after selling 805 shares during the period. Oppenheimer Asset Management Inc.’s holdings in SiTime were worth $501,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SITM. Pineridge Advisors LLC purchased a new stake in SiTime during the 4th quarter valued at approximately $25,000. Nisa Investment Advisors LLC grew its stake in SiTime by 59.5% during the second quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock valued at $29,000 after acquiring an additional 88 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in SiTime by 78.2% in the 4th quarter. Quadrant Capital Group LLC now owns 335 shares of the company’s stock valued at $41,000 after acquiring an additional 147 shares during the last quarter. GAMMA Investing LLC lifted its stake in SiTime by 281.0% in the 2nd quarter. GAMMA Investing LLC now owns 381 shares of the company’s stock worth $47,000 after purchasing an additional 281 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of SiTime during the 2nd quarter valued at about $49,000. Institutional investors own 84.31% of the company’s stock.

SiTime Price Performance

Shares of NASDAQ SITM opened at $163.57 on Friday. SiTime Co. has a 1-year low of $72.39 and a 1-year high of $170.71. The business’s 50 day moving average is $140.48 and its two-hundred day moving average is $118.86. The stock has a market capitalization of $3.78 billion, a P/E ratio of -39.61 and a beta of 1.82.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.08. The company had revenue of $43.90 million for the quarter, compared to analyst estimates of $41.01 million. SiTime had a negative return on equity of 10.53% and a negative net margin of 60.46%. SiTime’s quarterly revenue was up 58.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.17) EPS. As a group, equities research analysts anticipate that SiTime Co. will post -3.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SITM. Needham & Company LLC reaffirmed a “buy” rating and issued a $130.00 target price on shares of SiTime in a report on Tuesday, June 25th. Barclays downgraded SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price objective on the stock. in a research note on Tuesday, August 27th. Finally, Stifel Nicolaus increased their target price on SiTime from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, July 18th.

Insider Buying and Selling

In related news, CEO Rajesh Vashist sold 20,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $170.07, for a total value of $3,401,400.00. Following the sale, the chief executive officer now directly owns 424,417 shares of the company’s stock, valued at approximately $72,180,599.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other SiTime news, CEO Rajesh Vashist sold 20,000 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $170.07, for a total value of $3,401,400.00. Following the transaction, the chief executive officer now owns 424,417 shares of the company’s stock, valued at approximately $72,180,599.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Piyush B. Sevalia sold 807 shares of SiTime stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $160.00, for a total value of $129,120.00. Following the sale, the insider now owns 87,534 shares of the company’s stock, valued at $14,005,440. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,988 shares of company stock valued at $7,166,828. Company insiders own 2.30% of the company’s stock.

About SiTime

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.