Balyasny Asset Management L.P. Invests $318,000 in SiTime Co. (NASDAQ:SITM)

Balyasny Asset Management L.P. purchased a new position in SiTime Co. (NASDAQ:SITM) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,482 shares of the company’s stock, valued at approximately $318,000.

Other hedge funds have also made changes to their positions in the company. Invesco Ltd. increased its holdings in SiTime by 11.0% in the fourth quarter. Invesco Ltd. now owns 983,175 shares of the company’s stock worth $210,921,000 after buying an additional 97,062 shares during the last quarter. Hood River Capital Management LLC increased its holdings in SiTime by 27.0% in the fourth quarter. Hood River Capital Management LLC now owns 421,960 shares of the company’s stock worth $90,523,000 after buying an additional 89,632 shares during the last quarter. Emerald Advisers LLC acquired a new position in SiTime in the fourth quarter worth approximately $18,673,000. Capital World Investors acquired a new position in SiTime in the fourth quarter worth approximately $17,654,000. Finally, Federated Hermes Inc. acquired a new position in SiTime in the fourth quarter worth approximately $15,446,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Piyush B. Sevalia sold 1,038 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $157.64, for a total value of $163,630.32. Following the completion of the sale, the insider now directly owns 92,847 shares of the company’s stock, valued at approximately $14,636,401.08. This represents a 1.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Rajesh Vashist sold 20,000 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $210.65, for a total value of $4,213,000.00. Following the completion of the sale, the chief executive officer now directly owns 490,320 shares of the company’s stock, valued at $103,285,908. This represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,074 shares of company stock valued at $5,408,421. 2.30% of the stock is owned by company insiders.

SiTime Stock Up 2.3%

Shares of SITM stock opened at $210.67 on Friday. SiTime Co. has a 12 month low of $105.40 and a 12 month high of $268.18. The business’s 50 day moving average is $158.11 and its two-hundred day moving average is $190.36. The company has a market cap of $5.00 billion, a PE ratio of -52.02 and a beta of 2.24.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.15. SiTime had a negative return on equity of 10.12% and a negative net margin of 46.18%. The company had revenue of $60.31 million during the quarter, compared to analysts’ expectations of $54.01 million. During the same period in the prior year, the business earned ($0.08) earnings per share. SiTime’s revenue for the quarter was up 82.7% compared to the same quarter last year. As a group, equities analysts expect that SiTime Co. will post -2.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Barclays increased their price objective on SiTime from $110.00 to $135.00 and gave the stock an “underweight” rating in a report on Thursday, May 8th. Needham & Company LLC increased their price target on SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Stifel Nicolaus increased their price target on SiTime from $180.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Finally, Raymond James reiterated an “outperform” rating and set a $250.00 price target (up previously from $215.00) on shares of SiTime in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $215.00.

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.