Louisiana State Employees Retirement System Purchases Shares of 6,400 SiTime Corporation $SITM

Louisiana State Employees Retirement System purchased a new stake in shares of SiTime Corporation (NASDAQ:SITM) in the 1st quarter, HoldingsChannel reports. The fund purchased 6,400 shares of the company’s stock, valued at approximately $2,210,000.

A number of other institutional investors have also modified their holdings of SITM. Rakuten Securities Inc. raised its stake in shares of SiTime by 188.5% during the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 49 shares in the last quarter. Larson Financial Group LLC lifted its position in SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock valued at $30,000 after acquiring an additional 96 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in SiTime in the fourth quarter valued at approximately $33,000. Danske Bank A S acquired a new stake in SiTime in the fourth quarter valued at approximately $35,000. Finally, Bernard Wealth Management Corp. purchased a new position in SiTime in the fourth quarter worth $41,000. 84.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SITM has been the topic of a number of recent analyst reports. Stifel Nicolaus upped their price target 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 boosted their target price on SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Roth Mkm reaffirmed a “buy” rating and set a $900.00 target price on shares of SiTime in a research report on Thursday, May 7th. Zacks Research upgraded SiTime from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Finally, Wall Street Zen downgraded SiTime from a “buy” rating to a “hold” rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, SiTime currently has an average rating of “Moderate Buy” and an average price target of $661.88.

Insider Activity

In other SiTime news, insider Fariborz Assaderaghi sold 1,709 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $731.49, for a total value of $1,250,116.41. Following the sale, the insider directly owned 81,436 shares of the company’s stock, valued at approximately $59,569,619.64. This represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Piyush B. Sevalia sold 2,419 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $484.05, for a total value of $1,170,916.95. Following the sale, the insider directly owned 84,250 shares in the company, valued at $40,781,212.50. This represents a 2.79% decrease in their ownership of the stock. 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. Insiders have sold a total of 73,375 shares of company stock valued at $51,931,438 over the last quarter. Insiders own 1.40% of the company’s stock.

SiTime Trading Up 5.7%

Shares of NASDAQ:SITM opened at $710.47 on Tuesday. SiTime Corporation has a twelve month low of $186.49 and a twelve month high of $901.81. The company has a market cap of $18.76 billion, a PE ratio of -703.44 and a beta of 2.94. The company’s 50 day moving average is $684.11 and its 200 day moving average is $482.59.

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