Driehaus Capital Management LLC Makes New Investment in SiTime Co. (NASDAQ:SITM)

Driehaus Capital Management LLC bought a new position in SiTime Co. (NASDAQ:SITM) in the second quarter, Holdings Channel.com reports. The fund bought 135,319 shares of the company’s stock, valued at approximately $16,831,000.

A number of other institutional investors have also recently added to or reduced their stakes in SITM. Dimensional Fund Advisors LP lifted its position in SiTime by 16.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 246,637 shares of the company’s stock worth $30,112,000 after purchasing an additional 35,491 shares during the period. Norges Bank acquired a new stake in shares of SiTime during the 4th quarter valued at $12,662,000. Assetmark Inc. lifted its position in shares of SiTime by 24.4% during the 4th quarter. Assetmark Inc. now owns 781 shares of the company’s stock valued at $95,000 after acquiring an additional 153 shares during the last quarter. Alberta Investment Management Corp lifted its position in shares of SiTime by 5.8% during the 4th quarter. Alberta Investment Management Corp now owns 11,799 shares of the company’s stock valued at $1,440,000 after acquiring an additional 648 shares during the last quarter. Finally, S Squared Technology LLC lifted its position in shares of SiTime by 6.7% during the 4th quarter. S Squared Technology LLC now owns 80,046 shares of the company’s stock valued at $9,772,000 after acquiring an additional 5,000 shares during the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at SiTime

In other SiTime news, EVP Piyush B. Sevalia sold 6,331 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $140.20, for a total transaction of $887,606.20. Following the sale, the executive vice president now directly owns 83,293 shares of the company’s stock, valued at approximately $11,677,678.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Lionel Bonnot sold 3,203 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $140.26, for a total value of $449,252.78. Following the transaction, the insider now directly owns 86,838 shares of the company’s stock, valued at $12,179,897.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Piyush B. Sevalia sold 6,331 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $140.20, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 45,905 shares of company stock valued at $7,035,124 in the last three months. 2.30% of the stock is currently owned by company insiders.

SiTime Stock Up 0.3 %

Shares of NASDAQ:SITM opened at $176.03 on Friday. The company’s fifty day moving average is $142.01 and its two-hundred day moving average is $121.47. SiTime Co. has a 12-month low of $72.39 and a 12-month high of $181.00. The company has a market cap of $4.03 billion, a P/E ratio of -42.62 and a beta of 1.82.

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

Analyst Upgrades and Downgrades

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

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.