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

A number of other large investors also recently modified their holdings of SITM. Fourth Dimension Wealth LLC purchased a new position in shares of SiTime in the 4th quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new position in shares of SiTime in the 1st quarter worth about $32,000. Advisors Asset Management Inc. raised its holdings in shares of SiTime by 33.6% in the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock worth $54,000 after purchasing an additional 88 shares during the period. CWM LLC raised its holdings in shares of SiTime by 69.0% during the 1st quarter. CWM LLC now owns 453 shares of the company's stock valued at $69,000 after buying an additional 185 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in shares of SiTime during the 4th quarter valued at about $81,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

SiTime Price Performance

NASDAQ:SITM opened at $234.77 on Friday. SiTime Corporation has a 12-month low of $105.40 and a 12-month high of $268.18. The firm has a market capitalization of $6.10 billion, a P/E ratio of -67.46 and a beta of 2.18. The business has a 50 day simple moving average of $213.72 and a 200 day simple moving average of $188.97.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $64.66 million. During the same quarter in the previous year, the firm posted $0.12 EPS. The business's revenue for the quarter was up 58.3% compared to the same quarter last year. Research analysts anticipate that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Stifel Nicolaus raised their target price on SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a report on Friday, July 18th. Raymond James Financial restated an "outperform" rating and set a $270.00 price objective (up from $250.00) on shares of SiTime in a report on Friday, August 29th. UBS Group assumed coverage on SiTime in a report on Thursday, August 14th. They set a "buy" rating and a $260.00 price objective on the stock. Finally, Barclays lifted their price objective on SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a report on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $243.33.

Insiders Place Their Bets

In other SiTime news, insider Fariborz Assaderaghi sold 3,000 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $234.00, for a total transaction of $702,000.00. Following the completion of the transaction, the insider owned 93,433 shares in the company, valued at approximately $21,863,322. The trade was a 3.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Rajesh Vashist sold 10,000 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $215.00, for a total value of $2,150,000.00. Following the completion of the sale, the chief executive officer owned 474,763 shares of the company's stock, valued at approximately $102,074,045. This trade represents a 2.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,539 shares of company stock worth $5,201,900. Insiders own 2.10% of the company's stock.

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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