Edgestream Partners L.P. Acquires Shares of 2,195 SiTime Corporation $SITM

Key Points

• Edgestream Partners acquired 2,195 SiTime shares worth approximately $758,000 in the first quarter. Institutional investors collectively own 84.31% of the company.
• Analyst sentiment is bullish, with a consensus “Moderate Buy” rating and an average price target of $661.88; several firms recently raised targets to between $775 and $900.
• SiTime reported first-quarter EPS of $1.44, beating estimates by $0.30, while revenue rose 88.3% year over year to $113.57 million. Despite the strong growth, insiders sold 69,709 shares worth $50.2 million during the last quarter.

Edgestream Partners L.P. bought a new position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,195 shares of the company's stock, valued at approximately $758,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SITM. Royal Bank of Canada grew its holdings in shares of SiTime by 12.5% in the first quarter. Royal Bank of Canada now owns 4,411 shares of the company's stock valued at $675,000 after acquiring an additional 491 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock worth $54,000 after acquiring an additional 88 shares during the period. AQR Capital Management LLC boosted its position in SiTime by 310.8% in the first 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 last quarter. Intech Investment Management LLC boosted its position in SiTime by 21.6% in the first 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 last quarter. Finally, M&T Bank Corp purchased a new position in SiTime in the second quarter worth $240,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

Analyst Upgrades and Downgrades

SITM has been the subject of several research analyst reports. Stifel Nicolaus raised their target price on SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Barclays upgraded shares of SiTime from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $400.00 to $850.00 in a research report on Thursday, May 7th. Needham & Company LLC raised their price objective on shares of SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. UBS Group lifted their price objective on shares of SiTime from $675.00 to $775.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, Roth Capital reiterated a "buy" rating and issued a $900.00 target price on shares of SiTime in a research note on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $661.88.

SiTime Price Performance

NASDAQ:SITM opened at $583.06 on Wednesday. The business has a fifty day simple moving average of $640.73 and a two-hundred day simple moving average of $523.95. SiTime Corporation has a 1 year low of $187.56 and a 1 year high of $901.81. The company has a market capitalization of $15.39 billion, a P/E ratio of -577.29 and a beta of 2.94.

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

Insider Buying and Selling

In related news, insider Fariborz Assaderaghi sold 1,000 shares of the business's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $702.90, for a total value of $702,900.00. Following the sale, the insider directly owned 78,936 shares in the company, valued at approximately $55,484,114.40. The trade was a 1.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Torsten Kreindl sold 710 shares of the company'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 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 69,709 shares of company stock worth $50,230,546 in the last quarter. 1.40% of the stock is currently owned by company insiders.

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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