Nuveen LLC Takes $7.90 Million Position in SiTime Corporation $SITM

Key Points

• Nuveen LLC purchased 51,664 shares of SiTime Corporation for approximately $7.9 million, increasing their stake to 0.22% of the company.
• SiTime recently posted earnings of $0.47 per share, exceeding analyst expectations, and reported a revenue increase of 58.3% year-over-year.
• Analysts have set target prices for SiTime shares between $220.00 and $260.00, with an average rating of "Moderate Buy" from several brokerages.

Nuveen LLC purchased a new stake in SiTime Corporation (NASDAQ:SITM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 51,664 shares of the company's stock, valued at approximately $7,898,000. Nuveen LLC owned about 0.22% of SiTime at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in SiTime by 80.9% in the first quarter. GAMMA Investing LLC now owns 1,708 shares of the company's stock valued at $261,000 after acquiring an additional 764 shares during the last quarter. Rhumbline Advisers lifted its position in SiTime by 0.9% in the first quarter. Rhumbline Advisers now owns 51,143 shares of the company's stock valued at $7,818,000 after acquiring an additional 440 shares during the last quarter. Millennium Management LLC lifted its position in SiTime by 205.0% in the fourth quarter. Millennium Management LLC now owns 7,344 shares of the company's stock valued at $1,576,000 after acquiring an additional 4,936 shares during the last quarter. Tidal Investments LLC purchased a new stake in SiTime in the fourth quarter valued at $217,000. Finally, Balyasny Asset Management L.P. purchased a new position in SiTime during the 4th quarter worth $318,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Fariborz Assaderaghi sold 1,000 shares of SiTime stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $201.36, for a total transaction of $201,360.00. Following the completion of the transaction, the insider owned 101,319 shares of the company's stock, valued at $20,401,593.84. The trade was a 0.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Elizabeth A. Howe sold 1,500 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $208.00, for a total value of $312,000.00. Following the sale, the executive vice president directly owned 71,474 shares in the company, valued at approximately $14,866,592. The trade was a 2.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,861 shares of company stock valued at $5,006,357. Company insiders own 2.10% of the company's stock.

SiTime Stock Performance

SiTime stock traded up $4.22 during trading hours on Thursday, reaching $242.97. 411,345 shares of the stock were exchanged, compared to its average volume of 330,659. The stock has a market cap of $6.32 billion, a P/E ratio of -69.82 and a beta of 2.20. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $268.18. The firm's 50 day moving average is $211.86 and its 200 day moving average is $185.89.

SiTime (NASDAQ:SITM - Get Free Report) last issued its 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. The company had revenue of $69.49 million for the quarter, compared to analyst estimates of $64.66 million. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The business's revenue was up 58.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.12 EPS. Equities research analysts expect that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Stifel Nicolaus raised their price objective on shares of SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. UBS Group initiated coverage on shares of SiTime in a research note on Thursday, August 14th. They set a "buy" rating and a $260.00 target price for the company. Finally, Barclays increased their target price on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research note on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $240.00.

SiTime Company 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.