CIBC Asset Management Inc Takes Position in SiTime Co. (NASDAQ:SITM)

CIBC Asset Management Inc bought a new position in shares of SiTime Co. (NASDAQ:SITM) in the third quarter, HoldingsChannel reports. The firm bought 1,194 shares of the company’s stock, valued at approximately $205,000.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of SiTime by 4.1% during the first quarter. Vanguard Group Inc. now owns 2,203,286 shares of the company’s stock worth $205,412,000 after acquiring an additional 85,800 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of SiTime by 15.4% in the third quarter. Principal Financial Group Inc. now owns 448,930 shares of the company’s stock valued at $76,996,000 after purchasing an additional 59,931 shares in the last quarter. William Blair Investment Management LLC boosted its position in shares of SiTime by 62.0% during the second quarter. William Blair Investment Management LLC now owns 208,098 shares of the company’s stock worth $25,883,000 after buying an additional 79,648 shares during the period. Driehaus Capital Management LLC bought a new position in shares of SiTime during the second quarter worth about $16,831,000. Finally, Grandeur Peak Global Advisors LLC raised its position in SiTime by 34.7% in the 1st quarter. Grandeur Peak Global Advisors LLC now owns 95,281 shares of the company’s stock valued at $8,883,000 after buying an additional 24,542 shares during the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

SiTime Trading Up 0.3 %

Shares of SITM opened at $211.08 on Friday. The company’s fifty day simple moving average is $181.55 and its 200 day simple moving average is $148.79. SiTime Co. has a 1-year low of $72.39 and a 1-year high of $228.12. The company has a market cap of $4.93 billion, a price-to-earnings ratio of -50.99 and a beta of 1.83.

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

Insider Buying and Selling at SiTime

In other news, CEO Rajesh Vashist sold 20,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $170.07, for a total value 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 $72,180,599.19. This represents a 4.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Fariborz Assaderaghi sold 1,083 shares of SiTime stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $139.05, for a total transaction of $150,591.15. Following the sale, the insider now directly owns 112,584 shares of the company’s stock, valued at $15,654,805.20. The trade was a 0.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,234 shares of company stock worth $6,454,237 over the last 90 days. Company 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.