Raymond James Financial Inc. Purchases 45,189 Shares of SiTime Corporation $SITM

Key Points

• Raymond James Financial Inc. has increased its stake in SiTime Corporation by 132.6%, owning 79,275 shares valued at approximately $12.1 million.
• SiTime reported a significant revenue increase of 58.3% year-over-year, achieving $69.49 million in the latest quarter alongside an EPS of $0.47.
• The stock currently has a market capitalization of $6.28 billion and analysts have a consensus rating of "Moderate Buy" with an average price target of $243.33.

Raymond James Financial Inc. raised its stake in SiTime Corporation (NASDAQ:SITM - Free Report) by 132.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,275 shares of the company's stock after buying an additional 45,189 shares during the period. Raymond James Financial Inc. owned about 0.33% of SiTime worth $12,119,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. GAMMA Investing LLC lifted its stake in SiTime by 80.9% during the first quarter. GAMMA Investing LLC now owns 1,708 shares of the company's stock worth $261,000 after purchasing an additional 764 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of SiTime by 0.9% during the 1st quarter. Rhumbline Advisers now owns 51,143 shares of the company's stock valued at $7,818,000 after buying an additional 440 shares in the last quarter. Millennium Management LLC lifted its position in SiTime by 205.0% in the 4th quarter. Millennium Management LLC now owns 7,344 shares of the company's stock worth $1,576,000 after buying an additional 4,936 shares during the last quarter. Tidal Investments LLC purchased a new stake in SiTime in the fourth quarter worth approximately $217,000. Finally, Balyasny Asset Management L.P. purchased a new stake in SiTime in the fourth quarter worth approximately $318,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SITM. Raymond James Financial reissued an "outperform" rating and issued a $270.00 price target (up from $250.00) on shares of SiTime in a research note on Friday, August 29th. Barclays boosted their target price on 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 SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Finally, UBS Group started coverage on SiTime in a research report on Thursday, August 14th. They issued a "buy" rating and a $260.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $243.33.

SiTime Price Performance

SITM stock traded down $8.55 during midday trading on Wednesday, hitting $224.28. The stock had a trading volume of 137,338 shares, compared to its average volume of 329,429. The business has a 50-day moving average of $212.44 and a two-hundred day moving average of $187.91. The firm has a market cap of $5.83 billion, a price-to-earnings ratio of -64.21 and a beta of 2.18. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $268.18.

SiTime (NASDAQ:SITM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.18. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The firm had revenue of $69.49 million for the quarter, compared to analysts' expectations of $64.66 million. During the same period in the previous year, the firm posted $0.12 EPS. The business's revenue for the quarter was up 58.3% compared to the same quarter last year. Research analysts predict that SiTime Corporation will post -2.44 earnings per share for the current year.

Insider Activity

In other news, EVP Elizabeth A. Howe sold 1,500 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $208.00, for a total value of $312,000.00. Following the completion of the transaction, the executive vice president owned 71,474 shares in the company, valued at $14,866,592. The trade was a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,000 shares of SiTime stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $201.36, for a total value of $201,360.00. Following the completion of the sale, the insider owned 101,319 shares of the company's stock, valued at $20,401,593.84. The trade was a 0.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,539 shares of company stock valued at $3,751,940 in the last quarter. 2.30% of the stock is owned by company insiders.

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.