Deerfield Management Company L.P. Series C Takes $819,000 Position in SiTime Co. (NASDAQ:SITM)

Deerfield Management Company L.P. Series C purchased a new stake in SiTime Co. (NASDAQ:SITM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 6,587 shares of the company’s stock, valued at approximately $819,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Pineridge Advisors LLC acquired a new stake in SiTime in the fourth quarter valued at approximately $25,000. Nisa Investment Advisors LLC boosted its holdings in SiTime by 59.5% in the second quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock worth $29,000 after purchasing an additional 88 shares in the last quarter. GAMMA Investing LLC boosted 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 in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in SiTime in the second quarter worth $49,000. Finally, PNC Financial Services Group Inc. boosted its holdings in SiTime by 35.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 689 shares of the company’s stock worth $84,000 after purchasing an additional 180 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

Wall Street Analyst Weigh In

SITM has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $130.00 price objective on shares of SiTime in a report on Tuesday, June 25th. Barclays cut shares of SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price objective for the company. in a report on Tuesday, August 27th. Finally, Stifel Nicolaus upped their price objective on shares of SiTime from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, July 18th.

SiTime Price Performance

SiTime stock opened at $175.52 on Friday. The firm has a market cap of $4.06 billion, a price-to-earnings ratio of -42.50 and a beta of 1.82. SiTime Co. has a fifty-two week low of $72.39 and a fifty-two week high of $178.93. The firm has a fifty day moving average price of $140.88 and a two-hundred day moving average price of $120.52.

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

Insiders Place Their Bets

In other SiTime news, CEO Rajesh Vashist sold 20,000 shares of the business’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 approximately $72,180,599.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Lionel Bonnot sold 3,203 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $140.26, for a total transaction of $449,252.78. Following the completion of the transaction, the insider now owns 86,838 shares of the company’s stock, valued at $12,179,897.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rajesh Vashist sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 424,417 shares of the company’s stock, valued at approximately $72,180,599.19. The disclosure for this sale can be found here. Insiders sold a total of 45,905 shares of company stock valued at $7,035,124 in the last quarter. 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.