Comerica Bank Buys 2,359 Shares of SiTime Corporation $SITM

Comerica Bank boosted its stake in SiTime Corporation (NASDAQ:SITM) by 35.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,107 shares of the company’s stock after acquiring an additional 2,359 shares during the period. Comerica Bank’s holdings in SiTime were worth $3,217,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SITM. Ariose Capital Management Ltd bought a new position in shares of SiTime during the 3rd quarter worth approximately $2,974,000. Emerald Mutual Fund Advisers Trust boosted its holdings in shares of SiTime by 10.6% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 98,689 shares of the company’s stock worth $29,736,000 after buying an additional 9,492 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of SiTime by 25.0% during the 3rd quarter. Federated Hermes Inc. now owns 125,000 shares of the company’s stock worth $37,664,000 after buying an additional 25,000 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of SiTime by 145.9% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 12,215 shares of the company’s stock worth $3,681,000 after buying an additional 7,247 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of SiTime by 21.2% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 44,363 shares of the company’s stock worth $13,367,000 after buying an additional 7,772 shares in the last quarter. 84.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SITM shares. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. Needham & Company LLC increased their price target on SiTime from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. UBS Group increased their price target on SiTime from $430.00 to $485.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Roth Mkm restated a “buy” rating and set a $450.00 price target on shares of SiTime in a report on Thursday, February 5th. Finally, Stifel Nicolaus increased their price target on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, SiTime presently has a consensus rating of “Moderate Buy” and an average target price of $415.63.

Insider Buying and Selling

In related news, insider Samsheer Ahamad sold 9,100 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $441.47, for a total value of $4,017,377.00. Following the transaction, the insider directly owned 52,938 shares in the company, valued at $23,370,538.86. This trade represents a 14.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Akira Takata sold 3,500 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $431.73, for a total value of $1,511,055.00. Following the completion of the transaction, the director owned 13,734 shares in the company, valued at approximately $5,929,379.82. This represents a 20.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 26,178 shares of company stock worth $11,282,324 over the last quarter. Corporate insiders own 1.40% of the company’s stock.

SiTime Price Performance

Shares of SITM opened at $558.63 on Monday. SiTime Corporation has a 12-month low of $158.63 and a 12-month high of $591.13. The business’s fifty day moving average is $406.34 and its 200 day moving average is $362.43. The stock has a market cap of $14.75 billion, a P/E ratio of -306.94 and a beta of 2.91.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.33. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.The company had revenue of $113.29 million for the quarter, compared to analysts’ expectations of $101.91 million. During the same period last year, the business earned $0.48 EPS. SiTime’s quarterly revenue was up 66.3% compared to the same quarter last year. On average, analysts expect that SiTime Corporation will post 1.31 EPS for the current year.

About SiTime

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.