SiTime Corporation $SITM Stock Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its stake in shares of SiTime Corporation (NASDAQ:SITM) by 67.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 46,674 shares of the company’s stock after purchasing an additional 18,740 shares during the quarter. Retirement Systems of Alabama owned about 0.16% of SiTime worth $30,433,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of SiTime in the second quarter worth $1,781,937,000. Bank of New York Mellon Corp boosted its holdings in shares of SiTime by 5.4% during the 1st quarter. Bank of New York Mellon Corp now owns 372,943 shares of the company’s stock worth $128,796,000 after buying an additional 18,983 shares during the period. Bank of America Corp DE boosted its holdings in shares of SiTime by 53.7% during the 1st quarter. Bank of America Corp DE now owns 151,021 shares of the company’s stock worth $52,155,000 after buying an additional 52,754 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in SiTime by 865.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 79,178 shares of the company’s stock valued at $27,344,000 after buying an additional 70,974 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in SiTime by 38.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 78,021 shares of the company’s stock valued at $52,966,000 after buying an additional 21,720 shares during the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

Insider Activity at SiTime

In related news, CEO Rajesh Vashist sold 12,000 shares of the stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $603.47, for a total value of $7,241,640.00. Following the completion of the sale, the chief executive officer owned 345,544 shares in the company, valued at approximately $208,525,437.68. This trade represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward Frank sold 1,000 shares of SiTime stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $745.00, for a total value of $745,000.00. Following the sale, the director directly owned 10,999 shares in the company, valued at approximately $8,194,255. This trade represents a 8.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 14,374 shares of company stock worth $8,949,883. Company insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Wall Street Zen downgraded shares of SiTime from a “buy” rating to a “hold” rating in a report on Saturday. UBS Group decreased their price target on shares of SiTime from $750.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, November 5th. Rosenblatt Securities raised their price target on SiTime from $750.00 to $900.00 and gave the company a “buy” rating in a research report on Tuesday, November 3rd. Guggenheim assumed coverage on SiTime in a research note on Friday. They issued a “buy” rating on the stock. Finally, Roth Capital began coverage on SiTime in a research note on Friday. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $687.00.

SiTime Price Performance

NASDAQ:SITM opened at $444.45 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.56 and a quick ratio of 4.62. SiTime Corporation has a one year low of $243.68 and a one year high of $901.81. The company has a fifty day moving average price of $557.78 and a 200 day moving average price of $547.07. The stock has a market cap of $13.43 billion, a P/E ratio of 472.82 and a beta of 2.88.

SiTime shares are set to split on Monday, December 7th. The 3-1 split was recently announced. The newly minted shares will be payable to shareholders after the closing bell on Sunday, December 6th.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $4.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.62 by $0.39. SiTime had a net margin of 3.87% and a return on equity of 9.07%. The company had revenue of $298.67 million for the quarter, compared to analyst estimates of $292.65 million. During the same period last year, the business posted $0.87 EPS. The business’s quarterly revenue was up 257.4% on a year-over-year basis. Analysts anticipate that SiTime Corporation will post 6.37 earnings per share for the current year.

About SiTime

SiTime Corporation develops silicon-based timing solutions using microelectromechanical systems (MEMS) technology. Its products include MEMS resonators, oscillators and clock generators, which provide timing signals used to synchronize electronic systems. The company’s components serve applications across communications, data centers, automotive, industrial, aerospace and defense, and consumer electronics. SiTime sells its products to customers and partners worldwide. Founded in 2005, SiTime became part of Japan’s MegaChips in 2014 and later became a publicly traded company.