Ameriprise Financial Inc. Has $92.23 Million Stock Position in SiTime Corporation $SITM

Ameriprise Financial Inc. increased its stake in SiTime Corporation (NASDAQ:SITM) by 17.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 603,333 shares of the company’s stock after acquiring an additional 87,598 shares during the quarter. Ameriprise Financial Inc.’s holdings in SiTime were worth $92,233,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of SiTime by 80.9% in the first quarter. GAMMA Investing LLC now owns 1,708 shares of the company’s stock worth $261,000 after acquiring an additional 764 shares during the period. Rhumbline Advisers lifted its stake in shares of SiTime by 0.9% in the first quarter. Rhumbline Advisers now owns 51,143 shares of the company’s stock worth $7,818,000 after acquiring an additional 440 shares during the period. Millennium Management LLC lifted its stake in shares of SiTime by 205.0% in the fourth quarter. Millennium Management LLC now owns 7,344 shares of the company’s stock worth $1,576,000 after acquiring an additional 4,936 shares during the period. Tidal Investments LLC acquired a new position in shares of SiTime in the fourth quarter worth approximately $217,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of SiTime in the fourth quarter worth approximately $318,000. 84.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SITM has been the topic of several recent analyst reports. Stifel Nicolaus boosted their price target on SiTime from $210.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Barclays boosted their price target on SiTime from $180.00 to $220.00 and gave the company an “underweight” rating in a research note on Thursday, August 7th. Finally, UBS Group initiated coverage on SiTime in a research note on Thursday, August 14th. They issued a “buy” rating and a $260.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $240.00.

Insider Activity

In other news, insider Fariborz Assaderaghi sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $201.36, for a total transaction of $201,360.00. Following the completion of the sale, the insider owned 101,319 shares in the company, valued at $20,401,593.84. The trade was a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Samsheer Ahamad sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $200.00, for a total value of $800,000.00. Following the sale, the insider owned 72,021 shares of the company’s stock, valued at approximately $14,404,200. This represents a 5.26% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,861 shares of company stock valued at $5,006,357. Corporate insiders own 2.10% of the company’s stock.

SiTime Stock Performance

Shares of SITM opened at $231.63 on Tuesday. The firm has a market cap of $6.02 billion, a PE ratio of -66.56 and a beta of 2.20. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $268.18. The business’s 50 day moving average price is $211.15 and its two-hundred day moving average price is $185.10.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.29 by $0.18. The firm had revenue of $69.49 million during the quarter, compared to the consensus estimate of $64.66 million. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The company’s quarterly revenue was up 58.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.12 earnings per share. Research analysts predict that SiTime Corporation will post -2.44 EPS for the current fiscal 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.