Alliancebernstein L.P. Boosts Stock Holdings in SiTime Corporation $SITM

Key Points

• Alliancebernstein L.P. significantly increased its stake in SiTime Corporation by 2,016.8%, acquiring 443,227 shares valued at approximately $67.76 million during the 1st quarter.
• SiTime's recent quarterly earnings surpassed expectations, reporting an EPS of $0.47, compared to the anticipated $0.29, alongside a year-over-year revenue growth of 58.3%.
• Analysts currently favor SiTime with a consensus rating of "Moderate Buy" and an average price target of $243.33, following recent analyst upgrades.

Alliancebernstein L.P. lifted its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 2,016.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 443,227 shares of the company's stock after purchasing an additional 422,288 shares during the period. Alliancebernstein L.P. owned approximately 1.87% of SiTime worth $67,756,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new stake in shares of SiTime during the 4th quarter valued at approximately $949,000. Balyasny Asset Management L.P. purchased a new stake in SiTime during the fourth quarter worth $318,000. Deutsche Bank AG grew its holdings in SiTime by 22.9% in the fourth quarter. Deutsche Bank AG now owns 50,798 shares of the company's stock valued at $10,898,000 after purchasing an additional 9,460 shares during the last quarter. Ethic Inc. grew its holdings in SiTime by 152.1% in the fourth quarter. Ethic Inc. now owns 5,692 shares of the company's stock valued at $1,221,000 after purchasing an additional 3,434 shares during the last quarter. Finally, Gotham Asset Management LLC increased its position in shares of SiTime by 392.6% in the fourth quarter. Gotham Asset Management LLC now owns 5,798 shares of the company's stock valued at $1,244,000 after buying an additional 4,621 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company's stock.

Analysts Set New Price Targets

SITM has been the topic of several recent research reports. UBS Group began coverage on shares of SiTime in a research report on Thursday, August 14th. They issued a "buy" rating and a $260.00 price objective on the stock. Raymond James Financial restated an "outperform" rating and set a $270.00 target price (up previously from $250.00) on shares of SiTime in a research report on Friday, August 29th. Stifel Nicolaus increased their price target on shares of SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, Barclays raised their price objective 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 research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, SiTime presently has a consensus rating of "Moderate Buy" and an average target price of $243.33.

Insiders Place Their Bets

In other news, insider Samsheer Ahamad sold 6,000 shares of SiTime stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $250.00, for a total value of $1,500,000.00. Following the completion of the sale, the insider owned 61,888 shares of the company's stock, valued at $15,472,000. The trade was a 8.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Piyush B. Sevalia sold 2,056 shares of the company's stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $251.50, for a total value of $517,084.00. Following the completion of the transaction, the insider owned 78,757 shares of the company's stock, valued at $19,807,385.50. The trade was a 2.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,367 shares of company stock worth $6,960,713. 2.10% of the stock is owned by company insiders.

SiTime Trading Up 0.6%

Shares of SiTime stock traded up $1.43 during mid-day trading on Friday, hitting $260.00. 257,427 shares of the stock were exchanged, compared to its average volume of 332,581. The stock has a market capitalization of $6.76 billion, a price-to-earnings ratio of -74.71 and a beta of 2.18. SiTime Corporation has a twelve month low of $105.40 and a twelve month high of $268.18. The company has a 50-day simple moving average of $217.76 and a 200 day simple moving average of $191.57.

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

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.