SiTime Corporation $SITM Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its holdings in SiTime Corporation (NASDAQ:SITM) by 3.9% in the 4th quarter, HoldingsChannel reports. The fund owned 363,953 shares of the company’s stock after acquiring an additional 13,577 shares during the quarter. Principal Financial Group Inc.’s holdings in SiTime were worth $128,545,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP grew its stake in shares of SiTime by 36.8% during the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock worth $162,027,000 after purchasing an additional 144,671 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of SiTime by 22.0% in the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after purchasing an additional 132,948 shares during the period. FengHe Fund Management Pte. Ltd. acquired a new stake in shares of SiTime in the fourth quarter valued at about $45,346,000. Vanguard Group Inc. boosted its holdings in SiTime by 4.7% during the third quarter. Vanguard Group Inc. now owns 2,764,066 shares of the company’s stock worth $832,841,000 after buying an additional 123,287 shares in the last quarter. Finally, TimesSquare Capital Management LLC boosted its holdings in SiTime by 455.2% during the third quarter. TimesSquare Capital Management LLC now owns 131,700 shares of the company’s stock worth $39,683,000 after buying an additional 107,980 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Stock Performance

Shares of NASDAQ:SITM opened at $623.33 on Thursday. The business’s fifty day moving average price is $414.68 and its two-hundred day moving average price is $366.95. The stock has a market cap of $16.46 billion, a PE ratio of -342.49 and a beta of 2.91. SiTime Corporation has a one year low of $158.63 and a one year high of $627.00.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.33. The business had revenue of $113.29 million for the quarter, compared to the consensus estimate of $101.91 million. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.The business’s revenue was up 66.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.48 earnings per share. As a group, equities research analysts predict that SiTime Corporation will post 1.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SITM. Roth Mkm reaffirmed a “buy” rating and issued a $450.00 target price on shares of SiTime in a report on Thursday, February 5th. Stifel Nicolaus upped their price target on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Needham & Company LLC raised their price objective on SiTime from $400.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Wall Street Zen cut SiTime from a “buy” rating to a “hold” rating in a report on Saturday, April 11th. Finally, Barclays set a $400.00 target price on SiTime in a report on Thursday, February 5th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, SiTime currently has a consensus rating of “Moderate Buy” and a consensus target price of $415.63.

Insider Activity

In other SiTime news, insider Fariborz Assaderaghi sold 4,984 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $406.45, for a total transaction of $2,025,746.80. Following the sale, the insider directly owned 89,194 shares of the company’s stock, valued at $36,252,901.30. This trade represents a 5.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Akira Takata sold 3,500 shares of SiTime stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $431.73, for a total transaction of $1,511,055.00. Following the sale, the director owned 13,734 shares of the company’s stock, valued at approximately $5,929,379.82. This trade represents a 20.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 26,178 shares of company stock worth $11,282,324 in the last quarter. Corporate insiders own 1.40% of the company’s stock.

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.