New York State Teachers Retirement System Lowers Position in SiTime Corporation $SITM

New York State Teachers Retirement System trimmed its position in shares of SiTime Corporation (NASDAQ:SITM) by 9.9% during the first quarter, HoldingsChannel reports. The fund owned 21,522 shares of the company’s stock after selling 2,378 shares during the quarter. New York State Teachers Retirement System’s holdings in SiTime were worth $7,433,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of SiTime by 3.9% during the 4th quarter. Principal Financial Group Inc. now owns 363,953 shares of the company’s stock worth $128,545,000 after buying an additional 13,577 shares during the last quarter. Portolan Capital Management LLC acquired a new stake in shares of SiTime in the third quarter valued at approximately $4,671,000. Rockefeller Capital Management L.P. increased its position in SiTime by 1,368.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,259 shares of the company’s stock worth $1,151,000 after buying an additional 3,037 shares in the last quarter. Berkshire Capital Holdings Inc. acquired a new stake in shares of SiTime during the fourth quarter valued at $2,889,000. Finally, FengHe Fund Management Pte. Ltd. purchased a new stake in SiTime during the 4th quarter worth about $45,346,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

SiTime Trading Down 7.5%

Shares of NASDAQ SITM traded down $45.90 on Tuesday, reaching $569.56. 129,060 shares of the company traded hands, compared to its average volume of 482,356. SiTime Corporation has a fifty-two week low of $186.49 and a fifty-two week high of $901.81. The company has a 50 day moving average of $696.75 and a 200 day moving average of $492.57. The stock has a market capitalization of $15.04 billion, a PE ratio of -565.79 and a beta of 2.91.

SiTime (NASDAQ:SITM) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.30. The business had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company’s revenue was up 88.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.26 EPS. As a group, research analysts expect that SiTime Corporation will post 3.23 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SITM shares. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $400.00 to $850.00 in a report on Thursday, May 7th. Zacks Research raised shares of SiTime from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Needham & Company LLC raised their target price on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Roth Capital reiterated a “buy” rating and issued a $900.00 price target on shares of SiTime in a report on Thursday, May 7th. Finally, Wall Street Zen lowered SiTime from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, SiTime has a consensus rating of “Moderate Buy” and an average price target of $661.88.

Insiders Place Their Bets

In other news, Director Akira Takata sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the completion of the sale, the director owned 12,234 shares in the company, valued at approximately $10,531,761.24. The trade was a 10.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rajesh Vashist sold 30,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $701.13, for a total transaction of $21,033,900.00. Following the sale, the chief executive officer directly owned 402,898 shares of the company’s stock, valued at approximately $282,483,874.74. This trade represents a 6.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 73,375 shares of company stock worth $51,931,438. 1.40% of the stock is owned by insiders.

SiTime Company Profile

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.