Oppenheimer Asset Management Inc. Sells 2,200 Shares of SiTime Co. (NASDAQ:SITM)

Oppenheimer Asset Management Inc. cut its stake in SiTime Co. (NASDAQ:SITM) by 54.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,824 shares of the company’s stock after selling 2,200 shares during the period. Oppenheimer Asset Management Inc.’s holdings in SiTime were worth $313,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. CANADA LIFE ASSURANCE Co boosted its position in SiTime by 31.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 18,404 shares of the company’s stock valued at $1,712,000 after buying an additional 4,410 shares in the last quarter. UniSuper Management Pty Ltd acquired a new position in SiTime during the 1st quarter worth about $363,000. Swedbank AB bought a new stake in shares of SiTime during the first quarter valued at approximately $2,144,000. Vanguard Group Inc. lifted its holdings in SiTime by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 2,203,286 shares of the company’s stock worth $205,412,000 after buying an additional 85,800 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in shares of SiTime by 8.0% during the second quarter. Public Sector Pension Investment Board now owns 38,743 shares of the company’s stock valued at $4,819,000 after acquiring an additional 2,861 shares during the period. 84.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on SITM. Roth Mkm lifted their target price on shares of SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Barclays lifted their target price on SiTime from $90.00 to $130.00 and gave the stock an “underweight” rating in a report on Friday, November 8th. Needham & Company LLC boosted their price objective on shares of SiTime from $140.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Stifel Nicolaus upped their price target on SiTime from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th.

Insiders Place Their Bets

In related news, Director Torsten Kreindl sold 6,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $220.86, for a total transaction of $1,325,160.00. Following the completion of the sale, the director now owns 13,511 shares of the company’s stock, valued at $2,984,039.46. This represents a 30.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Fariborz Assaderaghi sold 1,003 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $140.00, for a total value of $140,420.00. Following the completion of the sale, the insider now directly owns 111,581 shares in the company, valued at approximately $15,621,340. This represents a 0.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,234 shares of company stock valued at $6,244,077 over the last ninety days. 2.30% of the stock is currently owned by company insiders.

SiTime Stock Performance

Shares of NASDAQ SITM opened at $208.67 on Thursday. The stock has a 50 day moving average price of $178.84 and a 200 day moving average price of $147.93. The stock has a market capitalization of $4.87 billion, a PE ratio of -50.36 and a beta of 1.83. SiTime Co. has a 52 week low of $72.39 and a 52 week high of $228.12.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.26 by $0.14. SiTime had a negative return on equity of 9.89% and a negative net margin of 53.55%. The company had revenue of $57.70 million during the quarter, compared to the consensus estimate of $55.10 million. During the same quarter in the prior year, the firm posted ($0.81) EPS. The firm’s revenue for the quarter was up 62.4% compared to the same quarter last year. As a group, research analysts forecast that SiTime Co. will post -2.98 EPS 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.