Principal Financial Group Inc. Has $90.14 Million Stake in SiTime Corporation $SITM

Principal Financial Group Inc. reduced its position in SiTime Corporation (NASDAQ:SITM) by 28.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 260,998 shares of the company’s stock after selling 102,955 shares during the quarter. Principal Financial Group Inc.’s holdings in SiTime were worth $90,136,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rockefeller Capital Management L.P. boosted its holdings in shares of SiTime by 1,368.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 3,259 shares of the company’s stock valued at $1,151,000 after purchasing an additional 3,037 shares in the last quarter. Stephens Investment Management Group LLC bought a new stake in shares of SiTime during the 1st quarter worth $24,135,000. FengHe Fund Management Pte. Ltd. bought a new stake in shares of SiTime during the 4th quarter worth $45,346,000. Berkshire Capital Holdings Inc. acquired a new stake in SiTime in the fourth quarter valued at about $2,889,000. Finally, Goldman Sachs Group Inc. boosted its stake in SiTime by 13.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 249,714 shares of the company’s stock valued at $88,196,000 after buying an additional 30,464 shares in the last quarter. Institutional investors own 84.31% of the company’s stock.

Insider Activity

In other SiTime news, CEO Rajesh Vashist sold 30,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $701.13, for a total value of $21,033,900.00. Following the sale, the chief executive officer owned 402,898 shares in the company, valued at approximately $282,483,874.74. The trade was a 6.93% decrease in their position. 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, Director Raman Chitkara sold 2,000 shares of SiTime stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $727.38, for a total value of $1,454,760.00. Following the completion of the transaction, the director directly owned 19,898 shares in the company, valued at approximately $14,473,407.24. This represents a 9.13% 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. In the last three months, insiders sold 72,128 shares of company stock worth $51,401,463. 1.40% of the stock is owned by corporate insiders.

SiTime Stock Performance

Shares of NASDAQ SITM opened at $612.38 on Thursday. SiTime Corporation has a 52-week low of $186.49 and a 52-week high of $901.81. The firm has a 50 day moving average price of $704.29 and a two-hundred day moving average price of $504.71. The stock has a market cap of $16.16 billion, a P/E ratio of -606.32 and a beta of 2.91.

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

Wall Street Analyst Weigh In

SITM has been the subject of several research analyst reports. Stifel Nicolaus boosted their target price on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. UBS Group increased their price objective on shares of SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Barclays raised shares of SiTime from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research note on Tuesday, April 21st. Finally, Roth Capital restated a “buy” rating and set a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, SiTime has an average rating of “Moderate Buy” and a consensus target price of $661.88.

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.