Verition Fund Management LLC Sells 2,031 Shares of SiTime Co. (NASDAQ:SITM)

Verition Fund Management LLC decreased its position in SiTime Co. (NASDAQ:SITM) by 52.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,870 shares of the company’s stock after selling 2,031 shares during the quarter. Verition Fund Management LLC’s holdings in SiTime were worth $321,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of SITM. Signaturefd LLC raised its holdings in SiTime by 67.4% in the 3rd quarter. Signaturefd LLC now owns 149 shares of the company’s stock worth $26,000 after acquiring an additional 60 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of SiTime by 59.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock worth $29,000 after purchasing an additional 88 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in SiTime during the 2nd quarter valued at approximately $49,000. Van ECK Associates Corp acquired a new stake in SiTime in the 3rd quarter valued at approximately $123,000. Finally, GAMMA Investing LLC increased its position in SiTime by 95.0% in the 3rd quarter. GAMMA Investing LLC now owns 743 shares of the company’s stock worth $127,000 after buying an additional 362 shares during the period. 84.31% of the stock is currently owned by institutional investors and hedge funds.

SiTime Stock Performance

Shares of SiTime stock opened at $252.61 on Friday. The firm has a market cap of $5.90 billion, a P/E ratio of -61.60 and a beta of 1.86. The firm’s 50-day simple moving average is $199.83 and its 200-day simple moving average is $159.79. SiTime Co. has a twelve month low of $72.39 and a twelve month high of $268.18.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $55.10 million. During the same period in the previous year, the business earned ($0.81) earnings per share. The company’s quarterly revenue was up 62.4% on a year-over-year basis. On average, equities analysts forecast that SiTime Co. will post -2.98 earnings per share for the current fiscal year.

Insider Buying and Selling at SiTime

In related news, insider Piyush B. Sevalia sold 807 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $160.00, for a total transaction of $129,120.00. Following the completion of the sale, the insider now directly owns 87,534 shares of the company’s stock, valued at $14,005,440. This trade represents a 0.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Fariborz Assaderaghi sold 1,003 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $165.13, for a total value of $165,625.39. Following the completion of the transaction, the insider now directly owns 110,578 shares in the company, valued at approximately $18,259,745.14. This represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,513 shares of company stock worth $6,708,428 over the last three months. Company insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

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

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.