Squarepoint Ops LLC Sells 23,580 Shares of SiTime Co. (NASDAQ:SITM)

Squarepoint Ops LLC decreased its position in SiTime Co. (NASDAQ:SITM) by 43.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,653 shares of the company’s stock after selling 23,580 shares during the quarter. Squarepoint Ops LLC’s holdings in SiTime were worth $3,813,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pineridge Advisors LLC bought a new stake in SiTime in the 4th quarter worth about $25,000. Nisa Investment Advisors LLC increased its position in shares of 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 during the last quarter. GAMMA Investing LLC lifted its holdings in SiTime by 281.0% during the second quarter. GAMMA Investing LLC now owns 381 shares of the company’s stock worth $47,000 after acquiring an additional 281 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new position in SiTime in the second quarter worth $49,000. Finally, PNC Financial Services Group Inc. grew its stake in SiTime by 35.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 689 shares of the company’s stock valued at $84,000 after purchasing an additional 180 shares during the period. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Barclays cut SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 target price on the stock. in a research note on Tuesday, August 27th. Needham & Company LLC reiterated a “buy” rating and issued a $130.00 target price on shares of SiTime in a research note on Tuesday, June 25th. Finally, Stifel Nicolaus raised their price target on shares of SiTime from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th.

SiTime Stock Performance

Shares of SITM opened at $168.25 on Wednesday. SiTime Co. has a fifty-two week low of $72.39 and a fifty-two week high of $181.00. The business has a 50-day moving average of $142.36 and a 200 day moving average of $122.48. The firm has a market cap of $3.89 billion, a P/E ratio of -40.74 and a beta of 1.82.

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

Insider Buying and Selling at SiTime

In other news, EVP Piyush B. Sevalia sold 6,331 shares of SiTime stock in a transaction on Monday, July 8th. The stock was sold at an average price of $140.20, for a total value of $887,606.20. Following the completion of the transaction, the executive vice president now directly owns 83,293 shares in the company, valued at $11,677,678.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other SiTime news, EVP Piyush B. Sevalia sold 6,331 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $140.20, for a total value of $887,606.20. Following the completion of the transaction, the executive vice president now owns 83,293 shares in the company, valued at approximately $11,677,678.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Piyush B. Sevalia sold 1,338 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $180.00, for a total value of $240,840.00. Following the sale, the insider now owns 86,196 shares in the company, valued at $15,515,280. The disclosure for this sale can be found here. Insiders have sold 47,243 shares of company stock valued at $7,275,964 in the last 90 days. 2.30% of the stock is currently owned by company insiders.

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.