Maryland State Retirement & Pension System Sells 2,998 Shares of SiTime Corporation $SITM

Maryland State Retirement & Pension System trimmed its position in shares of SiTime Corporation (NASDAQ:SITM) by 48.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,140 shares of the company’s stock after selling 2,998 shares during the quarter. Maryland State Retirement & Pension System’s holdings in SiTime were worth $946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Royal Bank of Canada increased its position in SiTime by 12.5% during the first quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock valued at $675,000 after acquiring an additional 491 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of SiTime by 33.6% during the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after purchasing an additional 88 shares during the period. AQR Capital Management LLC increased its position in shares of SiTime by 310.8% during the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock valued at $1,557,000 after purchasing an additional 8,136 shares during the last quarter. Intech Investment Management LLC increased its position in shares of SiTime by 21.6% during the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after purchasing an additional 1,477 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of SiTime by 53.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,622 shares of the company’s stock worth $559,000 after purchasing an additional 914 shares during the period. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

SiTime Price Performance

Shares of NASDAQ SITM opened at $377.71 on Thursday. The stock has a market cap of $9.86 billion, a PE ratio of -127.60 and a beta of 2.49. SiTime Corporation has a 1 year low of $105.40 and a 1 year high of $387.52. The firm has a fifty day moving average price of $338.29 and a 200-day moving average price of $282.85.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.16. The company had revenue of $83.57 million during the quarter, compared to the consensus estimate of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. SiTime’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 EPS. On average, research analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on SITM shares. Needham & Company LLC boosted their target price on shares of SiTime from $250.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Stifel Nicolaus boosted their price objective on shares of SiTime from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, January 16th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a research note on Wednesday, October 8th. Loop Capital began coverage on SiTime in a report on Friday, November 21st. They issued a “buy” rating and a $350.00 target price on the stock. Finally, Raymond James Financial reissued an “outperform” rating on shares of SiTime in a report on Tuesday, December 2nd. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, SiTime currently has an average rating of “Moderate Buy” and an average target price of $360.63.

Insider Buying and Selling

In other SiTime news, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $369.20, for a total value of $738,400.00. Following the sale, the chief executive officer directly owned 431,609 shares in the company, valued at approximately $159,350,042.80. The trade was a 0.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Samsheer Ahamad sold 4,000 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $291.10, for a total transaction of $1,164,400.00. Following the completion of the sale, the insider owned 51,711 shares in the company, valued at approximately $15,053,072.10. The trade was a 7.18% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 21,500 shares of company stock worth $6,791,710. 2.10% of the stock is owned by corporate insiders.

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.