SiTime Corporation $SITM Stock Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its holdings in shares of SiTime Corporation (NASDAQ:SITM) by 67.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,674 shares of the company’s stock after buying an additional 18,740 shares during the period. Retirement Systems of Alabama’s holdings in SiTime were worth $30,433,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SITM. BlackRock Inc. bought a new stake in SiTime in the 2nd quarter valued at $1,781,937,000. Bank of New York Mellon Corp raised its stake in shares of SiTime by 5.4% in the 1st quarter. Bank of New York Mellon Corp now owns 372,943 shares of the company’s stock valued at $128,796,000 after buying an additional 18,983 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of SiTime by 38.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 78,021 shares of the company’s stock valued at $52,966,000 after acquiring an additional 21,720 shares in the last quarter. Bamco Inc. NY acquired a new stake in shares of SiTime during the 2nd quarter valued at about $52,341,000. Finally, Bank of America Corp DE boosted its position in shares of SiTime by 53.7% during the 1st quarter. Bank of America Corp DE now owns 151,021 shares of the company’s stock valued at $52,155,000 after acquiring an additional 52,754 shares in the last quarter. Institutional investors own 84.31% of the company’s stock.

Insider Buying and Selling at SiTime

In other news, insider Fariborz Assaderaghi sold 1,374 shares of the firm’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $701.05, for a total transaction of $963,242.70. Following the completion of the sale, the insider owned 66,861 shares of the company’s stock, valued at approximately $46,872,904.05. This trade represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajesh Vashist sold 12,000 shares of SiTime stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $603.47, for a total transaction of $7,241,640.00. Following the completion of the transaction, the chief executive officer owned 345,544 shares of the company’s stock, valued at $208,525,437.68. This trade represents a 3.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 14,374 shares of company stock worth $8,949,883 over the last ninety days. Corporate insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

SITM has been the subject of several recent research reports. Barclays started coverage on shares of SiTime in a research report on Friday. They issued a “buy” rating for the company. Needham & Company LLC started coverage on SiTime in a report on Thursday, November 5th. They set a “buy” rating and a $600.00 price objective on the stock. Seaport Research Partners raised SiTime from a “neutral” rating to a “buy” rating and set a $425.00 price objective on the stock in a report on Friday. Benchmark initiated coverage on SiTime in a research note on Wednesday, August 19th. They issued a “buy” rating and a $850.00 price objective on the stock. Finally, Rosenblatt Securities increased their target price on SiTime from $750.00 to $900.00 and gave the stock a “buy” rating in a report on Tuesday, November 3rd. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $687.00.

SiTime Stock Down 2.8%

Shares of NASDAQ:SITM opened at $444.45 on Wednesday. SiTime Corporation has a 52 week low of $243.68 and a 52 week high of $901.81. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.62 and a current ratio of 5.56. The company’s fifty day moving average is $557.78 and its 200-day moving average is $547.07. The company has a market capitalization of $13.43 billion, a PE ratio of 472.82 and a beta of 2.88.

Shares of SiTime are going to split on the morning of Monday, December 7th. The 3-1 split was recently announced. The newly created shares will be issued to shareholders after the closing bell on Sunday, December 6th.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, November 4th. The company reported $4.01 earnings per share for the quarter, topping the consensus estimate of $3.62 by $0.39. The business had revenue of $298.67 million for the quarter, compared to analyst estimates of $292.65 million. SiTime had a net margin of 3.87% and a return on equity of 9.07%. The firm’s quarterly revenue was up 257.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.87 EPS. Equities research analysts predict that SiTime Corporation will post 6.37 earnings per share for the current fiscal year.

SiTime Profile

SiTime Corporation develops silicon-based timing solutions using microelectromechanical systems (MEMS) technology. Its products include MEMS resonators, oscillators and clock generators, which provide timing signals used to synchronize electronic systems. The company’s components serve applications across communications, data centers, automotive, industrial, aerospace and defense, and consumer electronics. SiTime sells its products to customers and partners worldwide. Founded in 2005, SiTime became part of Japan’s MegaChips in 2014 and later became a publicly traded company.