SiTime Corporation $SITM Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp sharply increased its SiTime stake in the first quarter, boosting holdings by 5,839.1% to 9,265 shares valued at about $3.2 million.
• Wall Street sentiment is mostly bullish: eight analysts rate SiTime a Buy, with an average target price of $661.88, though one analyst still has a Sell rating.
• SiTime reported strong quarterly results, beating estimates with $1.44 EPS on $113.57 million in revenue, while revenue jumped 88.3% year over year.

Fifth Third Bancorp lifted its holdings in SiTime Corporation (NASDAQ:SITM - Free Report) by 5,839.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,265 shares of the company's stock after buying an additional 9,109 shares during the quarter. Fifth Third Bancorp's holdings in SiTime were worth $3,200,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SITM. Royal Bank of Canada lifted its holdings in 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 during the period. 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 purchasing an additional 88 shares in the last quarter. AQR Capital Management LLC increased its holdings 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 valued at $1,557,000 after purchasing an additional 8,136 shares in the last quarter. Intech Investment Management LLC increased its holdings 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 valued at $1,272,000 after purchasing an additional 1,477 shares in the last quarter. Finally, M&T Bank Corp purchased a new stake in SiTime during the second quarter worth about $240,000. Institutional investors and hedge funds own 84.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Needham & Company LLC increased their target price on shares of SiTime from $450.00 to $850.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of SiTime in a research note on Tuesday, April 21st. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Roth Capital reaffirmed a "buy" rating and set a $900.00 price objective on shares of SiTime in a report on Thursday, May 7th. Finally, Wall Street Zen upgraded SiTime from a "hold" rating to a "buy" rating in a research report on Sunday, July 12th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $661.88.

Insider Transactions at SiTime

In other SiTime news, Director Christine Heckart sold 1,290 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $700.00, for a total transaction of $903,000.00. Following the transaction, the director owned 790 shares of the company's stock, valued at $553,000. This represents a 62.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Torsten Kreindl sold 710 shares of the firm's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $720.00, for a total value of $511,200.00. Following the sale, the director owned 13,141 shares in the company, valued at $9,461,520. This trade represents a 5.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 69,709 shares of company stock worth $50,230,546 in the last three months. 1.40% of the stock is currently owned by company insiders.

SiTime Stock Performance

NASDAQ:SITM opened at $554.97 on Monday. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81. The firm has a market cap of $14.65 billion, a price-to-earnings ratio of -549.48 and a beta of 2.91. The company's 50-day moving average is $694.08 and its two-hundred day moving average is $507.34.

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