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

Squarepoint Ops LLC lessened its holdings in SiTime Co. (NASDAQ:SITM) by 43.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,653 shares of the company’s stock after selling 23,580 shares during the quarter. Squarepoint Ops LLC owned approximately 0.13% of SiTime worth $3,813,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of SiTime during the fourth quarter valued at $12,662,000. S Squared Technology LLC increased its holdings in SiTime by 6.7% in the fourth quarter. S Squared Technology LLC now owns 80,046 shares of the company’s stock valued at $9,772,000 after purchasing an additional 5,000 shares during the period. Ghisallo Capital Management LLC bought a new position in SiTime during the 4th quarter worth $2,495,000. Wasatch Advisors LP lifted its holdings in SiTime by 2.9% during the 4th quarter. Wasatch Advisors LP now owns 892,102 shares of the company’s stock worth $108,908,000 after buying an additional 25,324 shares during the period. Finally, Pineridge Advisors LLC bought a new stake in shares of SiTime in the 4th quarter valued at about $25,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SITM. Needham & Company LLC restated a “buy” rating and set a $130.00 price objective on shares of SiTime in a research report on Tuesday, June 25th. 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 report on Thursday, July 18th. Finally, Barclays lowered shares of 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.

Insider Transactions at SiTime

In related news, insider Lionel Bonnot sold 3,203 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $140.26, for a total value of $449,252.78. Following the completion of the sale, the insider now directly owns 86,838 shares of the company’s stock, valued at approximately $12,179,897.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other SiTime news, insider Lionel Bonnot sold 3,203 shares of the business’s stock in a transaction on 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 sale, the insider now owns 86,838 shares in the company, valued at approximately $12,179,897.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vincent P. Pangrazio sold 1,962 shares of the firm’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $150.00, for a total transaction of $294,300.00. Following the completion of the transaction, the insider now directly owns 69,175 shares in the company, valued at $10,376,250. 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 corporate insiders.

SiTime Stock Performance

Shares of SITM stock 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 stock has a 50 day simple moving average of $142.36 and a two-hundred day simple moving average of $122.48. The company 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 released its quarterly earnings data 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 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%. SiTime’s revenue for the quarter was up 58.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.17) EPS. On average, research analysts predict that SiTime Co. will post -3.03 earnings per share for the current year.

SiTime 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.