Ameriprise Financial Inc. Acquires 87,598 Shares of SiTime Corporation $SITM

Key Points

• Ameriprise Financial Inc. has increased its stake in SiTime Corporation by **17.0%**, purchasing an additional **87,598 shares**, bringing its total holdings to **603,333 shares** worth approximately **$92.23 million**.
• Several hedge funds, including **Wellington Management** and **Neuberger Berman**, have also significantly increased their positions in SiTime, reflecting growing institutional interest in the stock.
• SiTime recently reported quarterly earnings, surpassing expectations with **$0.47 earnings per share** and revenue of **$69.49 million**, contributing to strong stock performance amid a market cap of **$6.02 billion**.

Ameriprise Financial Inc. raised its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 17.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 603,333 shares of the company's stock after buying an additional 87,598 shares during the period. Ameriprise Financial Inc. owned approximately 2.54% of SiTime worth $92,233,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of SITM. Marshall Wace LLP bought a new position in shares of SiTime in the fourth quarter valued at $236,000. First Trust Advisors LP increased its holdings in shares of SiTime by 56.8% in the fourth quarter. First Trust Advisors LP now owns 19,950 shares of the company's stock valued at $4,280,000 after buying an additional 7,225 shares in the last quarter. MetLife Investment Management LLC increased its holdings in shares of SiTime by 4.6% in the fourth quarter. MetLife Investment Management LLC now owns 11,099 shares of the company's stock valued at $2,381,000 after buying an additional 490 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of SiTime by 84.6% in the fourth quarter. Hsbc Holdings PLC now owns 4,816 shares of the company's stock valued at $1,043,000 after buying an additional 2,207 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of SiTime by 82.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 64,047 shares of the company's stock valued at $13,741,000 after buying an additional 28,856 shares in the last quarter. Institutional investors own 84.31% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on SITM shares. UBS Group assumed coverage on SiTime in a report on Thursday, August 14th. They issued a "buy" rating and a $260.00 price target on the stock. Stifel Nicolaus boosted their target price on shares of SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Finally, Barclays boosted their target price on shares of SiTime from $180.00 to $220.00 and gave the company 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 company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $240.00.

Insiders Place Their Bets

In other news, insider Fariborz Assaderaghi sold 1,000 shares of the company's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $201.36, for a total value of $201,360.00. Following the transaction, the insider directly owned 101,319 shares of the company's stock, valued at approximately $20,401,593.84. This represents a 0.98% decrease in their ownership of the stock. The transaction 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 stock was sold at an average price of $215.00, for a total transaction 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 $102,074,045. This represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,861 shares of company stock valued at $5,006,357 in the last three months. Company insiders own 2.10% of the company's stock.

SiTime Stock Performance

Shares of NASDAQ SITM traded up $4.22 during mid-day trading on Thursday, reaching $242.97. The company had a trading volume of 411,345 shares, compared to its average volume of 437,612. SiTime Corporation has a twelve month low of $105.40 and a twelve month high of $268.18. The stock has a market capitalization of $6.32 billion, a PE ratio of -69.82 and a beta of 2.20. The stock's 50 day moving average is $212.16 and its 200-day moving average is $186.38.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.18. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The business had revenue of $69.49 million for the quarter, compared to the consensus estimate of $64.66 million. During the same period in the prior year, the business posted $0.12 earnings per share. SiTime's revenue for the quarter 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.

SiTime 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.