BNP Paribas Financial Markets Boosts Holdings in SiTime Corporation $SITM

Key Points

• BNP Paribas Financial Markets sharply increased its SiTime stake by 1,958.6% in the fourth quarter, ending with 115,243 shares valued at about $40.7 million.
• Several analysts turned more bullish on SiTime (NASDAQ:SITM), with multiple firms raising price targets to as high as $900 and the consensus rating now sitting at Moderate Buy.
• SiTime reported strong quarterly results, posting EPS of $1.44 versus expectations of $1.14 and revenue of $113.6 million, up 88.3% year over year.

BNP Paribas Financial Markets lifted its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 1,958.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 115,243 shares of the company's stock after purchasing an additional 109,645 shares during the period. BNP Paribas Financial Markets owned 0.44% of SiTime worth $40,703,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SITM. Royal Bank of Canada lifted its position in shares of SiTime by 12.5% in the 1st 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 period. Advisors Asset Management Inc. lifted its position 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. AQR Capital Management LLC lifted its position in shares of SiTime by 310.8% in the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company's stock worth $1,557,000 after purchasing an additional 8,136 shares during the period. Intech Investment Management LLC lifted its position in shares of SiTime by 21.6% in the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company's stock worth $1,272,000 after purchasing an additional 1,477 shares during the period. Finally, M&T Bank Corp purchased a new position in SiTime during the 2nd quarter valued at about $240,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SITM. Roth Mkm reissued a "buy" rating and set a $900.00 price target on shares of SiTime in a research report on Thursday, May 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of SiTime in a research report on Tuesday, April 21st. The Goldman Sachs Group reissued a "buy" rating and set a $800.00 price target on shares of SiTime in a research report on Thursday, May 7th. Needham & Company LLC lifted their price target on shares of SiTime from $450.00 to $850.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Finally, Barclays raised shares of SiTime from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $400.00 to $850.00 in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $661.88.

SiTime Stock Performance

NASDAQ:SITM opened at $712.75 on Thursday. The firm has a market cap of $18.82 billion, a P/E ratio of -705.69 and a beta of 2.94. SiTime Corporation has a fifty-two week low of $186.49 and a fifty-two week high of $901.81. The firm has a 50-day simple moving average of $570.24 and a two-hundred day simple moving average of $432.38.

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 analysts' consensus estimates of $1.14 by $0.30. The business had revenue of $113.57 million during the quarter, compared to analyst estimates of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. SiTime's revenue was up 88.3% compared to the same quarter last year. During the same period last year, the business earned $0.26 EPS. On average, equities research analysts predict that SiTime Corporation will post 3.23 EPS for the current year.

Insider Activity

In other SiTime news, Director Torsten Kreindl sold 710 shares of the firm's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $720.00, for a total transaction of $511,200.00. Following the completion of the sale, the director directly owned 13,141 shares in the company, valued at approximately $9,461,520. This trade represents a 5.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Piyush B. Sevalia sold 2,419 shares of the firm's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the sale, the insider owned 84,250 shares of the company's stock, valued at approximately $40,781,212.50. This represents a 2.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 10,334 shares of company stock valued at $6,290,953 in the last quarter. 1.40% of the stock is owned by company insiders.

SiTime Company 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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