SiTime Corporation $SITM Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in shares of SiTime Corporation (NASDAQ:SITM) by 28.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 260,998 shares of the company’s stock after selling 102,955 shares during the quarter. Principal Financial Group Inc. owned approximately 0.99% of SiTime worth $90,136,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of SiTime by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock worth $997,904,000 after buying an additional 61,336 shares during the period. Invesco Ltd. increased its holdings in SiTime by 1.8% during the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after purchasing an additional 18,165 shares during the last quarter. State Street Corp boosted its stake in SiTime by 3.7% during the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock valued at $194,176,000 after acquiring an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in SiTime by 22.0% in the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after buying an additional 132,948 shares during the last quarter. Finally, Whale Rock Capital Management LLC raised its position in shares of SiTime by 45.4% during the 4th quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after acquiring an additional 218,038 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. Roth Capital reaffirmed a “buy” rating and issued a $900.00 price target on shares of SiTime in a report on Thursday, May 7th. Stifel Nicolaus raised their target price on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. UBS Group lifted their price objective on SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Zacks Research lowered SiTime from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Eight 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $661.88.

SiTime Price Performance

SiTime stock opened at $612.38 on Thursday. The business has a 50 day simple moving average of $704.29 and a 200 day simple moving average of $504.71. The company has a market capitalization of $16.16 billion, a PE ratio of -606.32 and a beta of 2.91. SiTime Corporation has a one year low of $186.49 and a one year high of $901.81.

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

Insider Transactions at SiTime

In related news, insider Fariborz Assaderaghi sold 1,709 shares of SiTime stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $731.49, for a total transaction of $1,250,116.41. Following the completion of the sale, the insider owned 81,436 shares of the company’s stock, valued at approximately $59,569,619.64. The trade was a 2.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajesh Vashist sold 30,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 402,898 shares in the company, valued at approximately $282,483,874.74. This represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 72,128 shares of company stock valued at $51,401,463. Corporate insiders own 1.40% of the company’s stock.

SiTime 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.