Neuberger Berman Group LLC Boosts Stake in SiTime Corporation (NASDAQ:SITM)

Key Points

• Neuberger Berman Group LLC increased its stake in SiTime by 360.8%, acquiring 105,868 additional shares during the 1st quarter, bringing its total holdings to 135,211 shares worth approximately $20.67 million.
• Several analysts upgraded SiTime's price targets, with Barclays setting a new price objective of $220.00 and Stifel Nicolaus raising theirs to $230.00, suggesting strong investor confidence in the company's prospects.
• SiTime reported a 58.3% year-over-year increase in revenue for the quarter, with earnings of $0.47 per share, significantly beating analysts' expectations of $0.29.

Neuberger Berman Group LLC lifted its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 360.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,211 shares of the company's stock after acquiring an additional 105,868 shares during the quarter. Neuberger Berman Group LLC owned 0.57% of SiTime worth $20,670,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SITM. Ameriprise Financial Inc. grew its stake in shares of SiTime by 16.1% in the fourth quarter. Ameriprise Financial Inc. now owns 515,735 shares of the company's stock worth $110,641,000 after acquiring an additional 71,658 shares in the last quarter. Hood River Capital Management LLC lifted its position in SiTime by 27.0% in the fourth quarter. Hood River Capital Management LLC now owns 421,960 shares of the company's stock valued at $90,523,000 after acquiring an additional 89,632 shares during the last quarter. Driehaus Capital Management LLC lifted its position in SiTime by 24.2% in the fourth quarter. Driehaus Capital Management LLC now owns 385,325 shares of the company's stock valued at $82,664,000 after acquiring an additional 75,192 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of SiTime by 27,559.1% in the first quarter. GAMMA Investing LLC now owns 261,102 shares of the company's stock valued at $39,915,000 after buying an additional 260,158 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of SiTime by 5.2% in the fourth quarter. Northern Trust Corp now owns 240,050 shares of the company's stock valued at $51,498,000 after buying an additional 11,872 shares during the last quarter. 84.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SITM shares. Barclays upped their price objective 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. Stifel Nicolaus raised their price target on shares of SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a report on Friday, July 18th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat.com, SiTime presently has a consensus rating of "Moderate Buy" and a consensus target price of $236.00.

Insider Buying and Selling at SiTime

In other SiTime news, CEO Rajesh Vashist sold 20,000 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $210.65, for a total value of $4,213,000.00. Following the transaction, the chief executive officer directly owned 490,320 shares in the company, valued at $103,285,908. The trade was a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Fariborz Assaderaghi sold 5,112 shares of the business's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $205.53, for a total transaction of $1,050,669.36. Following the completion of the sale, the insider directly owned 107,204 shares of the company's stock, valued at approximately $22,033,638.12. The trade was a 4.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,783 shares of company stock valued at $13,921,517 in the last 90 days. Company insiders own 2.10% of the company's stock.

SiTime Price Performance

Shares of SiTime stock opened at $218.24 on Thursday. The company's fifty day moving average price is $208.90 and its two-hundred day moving average price is $183.77. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $268.18. The firm has a market capitalization of $5.67 billion, a PE ratio of -62.71 and a beta of 2.20.

SiTime (NASDAQ:SITM - Get Free Report) last released its earnings results 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. The company had revenue of $69.49 million for the quarter, compared to the consensus estimate of $64.66 million. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The company's revenue was up 58.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.12 EPS. Analysts predict that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

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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