Truist Financial Corp Reduces Stake in SiTime Corporation $SITM

Key Points

• Truist Financial Corp reduced its stake in SiTime Corporation by 57.9%, now owning only 1,107 shares valued at approximately $236,000.
• SiTime recently reported earnings of $0.47 per share for the quarter, significantly surpassing analyst expectations of $0.29.
• Several hedge funds increased their positions in SiTime, with Alliancebernstein L.P. raising its stake by an incredible 2,016.8% in the first quarter.

Truist Financial Corp lessened its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 57.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,107 shares of the company's stock after selling 1,520 shares during the quarter. Truist Financial Corp's holdings in SiTime were worth $236,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SITM. Alliancebernstein L.P. grew its stake in shares of SiTime by 2,016.8% in the 1st quarter. Alliancebernstein L.P. now owns 443,227 shares of the company's stock valued at $67,756,000 after purchasing an additional 422,288 shares during the last quarter. Eventide Asset Management LLC grew its position in SiTime by 5,015.9% during the first quarter. Eventide Asset Management LLC now owns 166,214 shares of the company's stock valued at $25,408,000 after acquiring an additional 162,965 shares during the period. Neuberger Berman Group LLC lifted its stake in shares of SiTime by 360.8% during the first quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company's stock worth $20,670,000 after purchasing an additional 105,868 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of SiTime by 17.0% during the first quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company's stock worth $92,233,000 after purchasing an additional 87,598 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of SiTime by 41.9% in the first quarter. Wellington Management Group LLP now owns 277,590 shares of the company's stock worth $42,435,000 after acquiring an additional 82,017 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company's stock.

SiTime Price Performance

Shares of SiTime stock opened at $272.67 on Friday. The firm has a market cap of $7.09 billion, a P/E ratio of -78.35 and a beta of 2.35. The firm has a 50 day simple moving average of $264.99 and a 200 day simple moving average of $213.90. SiTime Corporation has a fifty-two week low of $105.40 and a fifty-two week high of $323.66.

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

Insider Activity

In other SiTime news, insider Samsheer Ahamad sold 3,811 shares of SiTime stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $255.03, for a total transaction of $971,919.33. Following the completion of the sale, the insider owned 58,077 shares of the company's stock, valued at approximately $14,811,377.31. The trade was a 6.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $231.75, for a total transaction of $695,250.00. Following the sale, the insider directly owned 90,433 shares of the company's stock, valued at $20,957,847.75. This represents a 3.21% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 36,367 shares of company stock worth $9,330,713. Corporate insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

SITM has been the topic of a number of research reports. Stifel Nicolaus increased their price target on SiTime from $230.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday, September 18th. Raymond James Financial reiterated an "outperform" rating and set a $270.00 price objective (up from $250.00) on shares of SiTime in a report on Friday, August 29th. Barclays increased their target price on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research report on Thursday, August 7th. Weiss Ratings restated a "sell (d-)" rating on shares of SiTime in a research note on Wednesday, October 8th. Finally, UBS Group raised their price target on shares of SiTime from $260.00 to $355.00 and gave the stock a "buy" rating in a research note on Monday, October 6th. Five equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, SiTime presently has an average rating of "Hold" and a consensus price target of $274.17.

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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