1,078 Shares in SiTime Corporation $SITM Acquired by Verdence Capital Advisors LLC

Key Points

• Verdence Capital Advisors LLC purchased 1,078 shares of SiTime Corporation valued at approximately $230,000, marking a new position in the company.
• SiTime's recent quarterly earnings exceeded expectations, reporting $0.47 EPS compared to the consensus estimate of $0.29, with revenues up by 58.3% year-over-year.
• The company's stock has a current market cap of $7.50 billion and analysts have varying price targets, with Stifel Nicolaus raising their target from $230 to $320, and UBS Group from $260 to $355.

Verdence Capital Advisors LLC bought a new position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,078 shares of the company's stock, valued at approximately $230,000.

Several other hedge funds have also made changes to their positions in the business. Ameriprise Financial Inc. boosted its holdings in shares of SiTime by 17.0% during the first quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company's stock worth $92,233,000 after purchasing an additional 87,598 shares during the last quarter. Alliancebernstein L.P. boosted its stake in SiTime by 2,016.8% in the 1st quarter. Alliancebernstein L.P. now owns 443,227 shares of the company's stock worth $67,756,000 after buying an additional 422,288 shares during the last quarter. Wellington Management Group LLP boosted its stake in SiTime by 41.9% in the 1st quarter. Wellington Management Group LLP now owns 277,590 shares of the company's stock worth $42,435,000 after buying an additional 82,017 shares during the last quarter. Eventide Asset Management LLC boosted its position in shares of SiTime by 5,015.9% in the first quarter. Eventide Asset Management LLC now owns 166,214 shares of the company's stock worth $25,408,000 after acquiring an additional 162,965 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its position in shares of SiTime by 360.8% in the first quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company's stock worth $20,670,000 after acquiring an additional 105,868 shares during the last quarter. Institutional investors and hedge funds own 84.31% of the company's stock.

SiTime Price Performance

Shares of SITM stock opened at $288.50 on Friday. SiTime Corporation has a 12 month low of $105.40 and a 12 month high of $323.66. The firm has a market capitalization of $7.50 billion, a P/E ratio of -82.90 and a beta of 2.35. The company's fifty day moving average price is $263.53 and its two-hundred day moving average price is $213.09.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.29 by $0.18. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The business had revenue of $69.49 million for the quarter, compared to analysts' expectations of $64.66 million. During the same quarter in the previous year, the firm posted $0.12 earnings per share. The company's revenue was up 58.3% compared to the same quarter last year. On average, sell-side analysts anticipate that SiTime Corporation will post -2.44 EPS for the current year.

Wall Street Analysts Forecast Growth

SITM has been the topic of several research analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of SiTime in a research report on Wednesday, October 8th. Stifel Nicolaus lifted their price target on shares of SiTime from $230.00 to $320.00 and gave the company a "buy" rating in a report on Thursday, September 18th. Barclays lifted their target price on SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a report on Thursday, August 7th. UBS Group lifted their target price on SiTime from $260.00 to $355.00 and gave the company a "buy" rating in a report on Monday, October 6th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $270.00 price objective (up from $250.00) on shares of SiTime in a research note on Friday, August 29th. Five investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $274.17.

Insider Buying and Selling

In related news, CEO Rajesh Vashist sold 2,000 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $232.00, for a total value of $464,000.00. Following the sale, the chief executive officer directly owned 463,208 shares of the company's stock, valued at $107,464,256. This represents a 0.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Fariborz Assaderaghi sold 3,000 shares of the company's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $231.75, for a total transaction of $695,250.00. Following the completion of the sale, the insider directly owned 90,433 shares in the company, valued at $20,957,847.75. This represents a 3.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,367 shares of company stock worth $9,330,713 over the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

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.

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