California State Teachers Retirement System Increases Position in SiTime Corporation $SITM

Key Points

• California State Teachers Retirement System increased its SiTime stake by 22.3% in the first quarter, bringing its holdings to 25,655 shares valued at approximately $8.86 million. Institutional investors collectively own 84.31% of the company.
• SiTime reported a strong quarter, with earnings of $1.44 per share versus the $1.14 consensus estimate and revenue of $113.57 million, up 88.3% year over year and above expectations.
• Analyst sentiment remains positive, with eight Buy ratings and an average “Moderate Buy” consensus targeting $661.88, although insiders sold roughly $50.2 million in shares over the last quarter.

California State Teachers Retirement System boosted its stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 22.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,655 shares of the company's stock after buying an additional 4,670 shares during the quarter. California State Teachers Retirement System owned approximately 0.10% of SiTime worth $8,860,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Rakuten Securities Inc. grew its position in shares of SiTime by 188.5% in the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company's stock worth $26,000 after buying an additional 49 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of SiTime by 26.2% during the 1st quarter. Parallel Advisors LLC now owns 77 shares of the company's stock valued at $27,000 after buying an additional 16 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in SiTime in the 4th quarter worth approximately $33,000. Larson Financial Group LLC grew its holdings in SiTime by 3,200.0% in the third quarter. Larson Financial Group LLC now owns 99 shares of the company's stock valued at $30,000 after purchasing an additional 96 shares during the period. Finally, Danske Bank A S acquired a new position in shares of SiTime during the 4th quarter worth about $35,000. 84.31% of the stock is currently owned by institutional investors.

SiTime Stock Up 5.9%

NASDAQ:SITM opened at $583.06 on Wednesday. The company has a market cap of $15.39 billion, a P/E ratio of -577.29 and a beta of 2.94. The firm's 50 day moving average is $640.73 and its two-hundred day moving average is $523.95. SiTime Corporation has a fifty-two week low of $187.56 and a fifty-two week high of $901.81.

SiTime (NASDAQ:SITM - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.30. The company had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The company's revenue was up 88.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.26 earnings per share. Research analysts forecast that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Insider Transactions at SiTime

In other SiTime news, Director Torsten Kreindl sold 710 shares of SiTime stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $720.00, for a total transaction of $511,200.00. Following the transaction, the director directly owned 13,141 shares in the company, valued at approximately $9,461,520. The trade was a 5.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Rajesh Vashist sold 5,000 shares of SiTime stock in a transaction on Monday, June 15th. The shares were sold at an average price of $750.00, for a total value of $3,750,000.00. Following the sale, the chief executive officer directly owned 9,781 shares of the company's stock, valued at approximately $7,335,750. The trade was a 33.83% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 69,709 shares of company stock worth $50,230,546 over the last quarter. Insiders own 1.40% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on SITM shares. UBS Group boosted their price objective on SiTime from $675.00 to $775.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Stifel Nicolaus lifted their price objective on SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Roth Capital reiterated a "buy" rating and issued a $900.00 price target on shares of SiTime in a research note on Thursday, May 7th. Needham & Company LLC raised their price target on SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, Zacks Research cut shares of SiTime from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Eight 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 an average rating of "Moderate Buy" and an average price target of $661.88.

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.

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