US Bancorp DE Has $585,000 Stake in SiTime Corporation $SITM

Key Points

• US Bancorp DE has increased its stake in SiTime Corporation by 66.1% during the second quarter, owning 2,747 shares valued at $585,000.
• Analysts have recently adjusted their price targets for SiTime, with UBS Group raising their target from $260 to $355, while Barclays set a lower target of $220.
• SiTime reported earnings of $0.47 per share for the last quarter, exceeding estimates, with revenue increasing by 58.3% year-over-year.

US Bancorp DE lifted its stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 66.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,747 shares of the company's stock after purchasing an additional 1,093 shares during the period. US Bancorp DE's holdings in SiTime were worth $585,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Peregrine Investment Management Inc. lifted its holdings in SiTime by 28.4% in the second quarter. Peregrine Investment Management Inc. now owns 67,870 shares of the company's stock valued at $14,462,000 after buying an additional 15,000 shares during the period. Fred Alger Management LLC lifted its holdings in SiTime by 45.5% in the first quarter. Fred Alger Management LLC now owns 128,525 shares of the company's stock valued at $19,648,000 after buying an additional 40,220 shares during the period. Toth Financial Advisory Corp acquired a new position in SiTime in the second quarter valued at approximately $298,000. GAMMA Investing LLC lifted its holdings in SiTime by 80.9% in the first quarter. GAMMA Investing LLC now owns 1,708 shares of the company's stock valued at $261,000 after buying an additional 764 shares during the period. Finally, Strs Ohio acquired a new position in SiTime in the first quarter valued at approximately $734,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Activity at SiTime

In other news, CEO Rajesh Vashist sold 2,000 shares of the stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $294.00, for a total transaction of $588,000.00. Following the completion of the sale, the chief executive officer owned 451,208 shares of the company's stock, valued at $132,655,152. This represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Samsheer Ahamad sold 3,811 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $255.03, for a total transaction of $971,919.33. Following the sale, the insider directly owned 58,077 shares of the company's stock, valued at $14,811,377.31. This represents a 6.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,367 shares of company stock valued at $9,330,713 over the last three months. Insiders own 2.30% of the company's stock.

SiTime Stock Performance

Shares of NASDAQ:SITM opened at $272.67 on Monday. The company has a 50 day moving average price of $264.99 and a two-hundred day moving average price of $214.89. SiTime Corporation has a 52 week low of $105.40 and a 52 week high of $323.66. The company has a market capitalization of $7.09 billion, a PE ratio of -78.35 and a beta of 2.35.

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

SiTime Company Profile

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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