California Public Employees Retirement System Buys New Position in SiTime Corporation $SITM

California Public Employees Retirement System purchased a new stake in SiTime Corporation (NASDAQ:SITM) in the first quarter, HoldingsChannel.com reports. The firm purchased 34,439 shares of the company’s stock, valued at approximately $11,894,000.

Several other institutional investors have also added to or reduced their stakes in SITM. Assetmark Inc. grew its position in SiTime by 25.7% during the 1st quarter. Assetmark Inc. now owns 748 shares of the company’s stock worth $258,000 after purchasing an additional 153 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in SiTime by 606.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 19,595 shares of the company’s stock worth $6,943,000 after acquiring an additional 16,822 shares during the last quarter. Bank of New York Mellon Corp raised its stake in SiTime by 5.4% in the 1st quarter. Bank of New York Mellon Corp now owns 372,943 shares of the company’s stock worth $128,796,000 after acquiring an additional 18,983 shares during the last quarter. Hillsdale Investment Management Inc. lifted its position in SiTime by 3,816.0% during the 1st quarter. Hillsdale Investment Management Inc. now owns 979 shares of the company’s stock worth $338,000 after acquiring an additional 954 shares during the period. Finally, Archer Investment Corp purchased a new stake in SiTime during the 1st quarter valued at about $228,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

Analyst Ratings Changes

SITM has been the topic of a number of research reports. UBS Group increased their price objective on SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a report on Friday, July 17th. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. Zacks Research lowered shares of SiTime from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Wall Street Zen upgraded SiTime from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $661.88.

Insider Activity

In other news, CEO Rajesh Vashist sold 30,000 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $701.13, for a total transaction of $21,033,900.00. Following the transaction, the chief executive officer 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 in the company, valued at approximately $59,569,619.64. This represents a 2.06% 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 sold a total of 69,709 shares of company stock valued at $50,230,546 in the last three months. Company insiders own 1.40% of the company’s stock.

SiTime Trading Down 3.8%

Shares of NASDAQ:SITM opened at $554.46 on Friday. The company has a market capitalization of $14.64 billion, a price-to-earnings ratio of -548.97 and a beta of 2.91. The business has a 50-day moving average price of $667.85 and a 200 day moving average price of $513.77. SiTime Corporation has a 12-month low of $186.49 and a 12-month 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 business had revenue of $113.57 million during the quarter, compared to analysts’ expectations of $103.51 million. During the same period in the prior year, the firm posted $0.26 EPS. The business’s quarterly revenue was up 88.3% compared to the same quarter last year. As a group, equities research analysts predict that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

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.