Arrowstreet Capital Limited Partnership Increases Position in SiTime Corporation $SITM

Key Points

• Arrowstreet Capital increased its SiTime position by 865.1% in the first quarter, purchasing 70,974 additional shares and ending with 79,178 shares valued at approximately $27.3 million. Institutional investors collectively own 84.31% of SITM.
• Analysts maintain a generally positive outlook, with eight Buy ratings, one Hold, and one Sell; the consensus rating is Moderate Buy with an average price target of $661.88.
• SiTime reported quarterly revenue of $113.57 million, up 88.3% year over year, and earnings of $1.44 per share, beating analyst expectations of $1.14. However, insiders sold 69,709 shares worth approximately $50.2 million during the last quarter.

Arrowstreet Capital Limited Partnership increased its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 865.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,178 shares of the company's stock after purchasing an additional 70,974 shares during the period. Arrowstreet Capital Limited Partnership owned 0.30% of SiTime worth $27,344,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of SITM. Royal Bank of Canada grew its holdings in shares of SiTime by 12.5% during the first quarter. Royal Bank of Canada now owns 4,411 shares of the company's stock worth $675,000 after purchasing an additional 491 shares during the last quarter. Advisors Asset Management Inc. increased 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 valued at $54,000 after acquiring an additional 88 shares during the period. AQR Capital Management LLC raised its position in SiTime by 310.8% in the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company's stock valued at $1,557,000 after purchasing an additional 8,136 shares during the last quarter. Intech Investment Management LLC raised its position in SiTime by 21.6% in the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company's stock valued at $1,272,000 after purchasing an additional 1,477 shares during the last quarter. Finally, M&T Bank Corp acquired a new stake in SiTime during the 2nd quarter worth $240,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at SiTime

In other SiTime news, Director Raman Chitkara sold 2,000 shares of SiTime stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $727.38, for a total transaction of $1,454,760.00. Following the completion of the transaction, the director owned 19,898 shares in the company, valued at approximately $14,473,407.24. The trade was a 9.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Heckart sold 1,290 shares of the company's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $700.00, for a total transaction of $903,000.00. Following the completion of the sale, the director directly owned 790 shares in the company, valued at $553,000. This trade represents a 62.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 69,709 shares of company stock valued at $50,230,546 in the last quarter. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

SITM has been the topic of a number of recent research reports. The Goldman Sachs Group restated a "buy" rating and issued a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Roth Capital reiterated a "buy" rating and set a $900.00 target price on shares of SiTime in a research note on Thursday, May 7th. Needham & Company LLC upped their price target on SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Wall Street Zen raised SiTime from a "hold" rating to a "buy" rating in a report on Sunday, July 12th. Finally, Barclays upgraded shares of SiTime from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $661.88.

SiTime Price Performance

Shares of NASDAQ:SITM opened at $462.16 on Thursday. The firm has a market capitalization of $12.20 billion, a price-to-earnings ratio of -457.58 and a beta of 2.91. The business's 50 day simple moving average is $655.04 and its 200-day simple moving average is $518.25. SiTime Corporation has a 12 month low of $186.49 and a 12 month high of $901.81.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.30. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The firm had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. During the same period last year, the business posted $0.26 EPS. SiTime's quarterly revenue was up 88.3% on a year-over-year basis. On average, equities analysts anticipate that SiTime Corporation will post 3.23 earnings per share for the current year.

SiTime Profile

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime's products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company's timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.

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