Louisiana State Employees Retirement System Purchases New Shares in SiTime Corporation $SITM

Key Points

• Louisiana State Employees Retirement System opened a new position in SiTime, buying 6,400 shares worth about $2.21 million in the first quarter.
• SiTime has drawn strong institutional and analyst interest, with hedge funds owning 84.31% of shares and several firms recently lifting price targets; the average analyst target is $661.88 with a “Moderate Buy” rating.
• The company reported better-than-expected Q1 results, posting $1.44 EPS on revenue of $113.57 million, while shares have been volatile and recently traded near $710.47 after reaching a 52-week high of $901.81.

Louisiana State Employees Retirement System purchased a new position in SiTime Corporation (NASDAQ:SITM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,400 shares of the company's stock, valued at approximately $2,210,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Los Angeles Capital Management LLC raised its stake in shares of SiTime by 0.3% in the fourth quarter. Los Angeles Capital Management LLC now owns 9,023 shares of the company's stock valued at $3,187,000 after acquiring an additional 25 shares during the period. Atlas Brown Inc. boosted its stake in shares of SiTime by 1.6% during the 4th quarter. Atlas Brown Inc. now owns 2,292 shares of the company's stock worth $810,000 after purchasing an additional 37 shares during the period. CWM LLC boosted its stake in shares of SiTime by 4.2% during the 4th quarter. CWM LLC now owns 951 shares of the company's stock worth $336,000 after purchasing an additional 38 shares during the period. Corient Private Wealth LLC grew its holdings in SiTime by 5.9% during the 4th quarter. Corient Private Wealth LLC now owns 703 shares of the company's stock valued at $249,000 after purchasing an additional 39 shares during the last quarter. Finally, Lazard Asset Management LLC grew its holdings in SiTime by 7.7% during the 2nd quarter. Lazard Asset Management LLC now owns 654 shares of the company's stock valued at $139,000 after purchasing an additional 47 shares during the last quarter. 84.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other SiTime news, Director Akira Takata sold 1,500 shares of the company's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the completion of the sale, the director owned 12,234 shares in the company, valued at $10,531,761.24. This represents a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Piyush B. Sevalia sold 2,419 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $484.05, for a total value of $1,170,916.95. Following the sale, the insider directly owned 84,250 shares in the company, valued at $40,781,212.50. This trade represents a 2.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 73,375 shares of company stock valued at $51,931,438. 1.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SITM. Needham & Company LLC raised their price objective on shares of SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $800.00 target price on shares of SiTime in a research note on Thursday, May 7th. Wall Street Zen downgraded SiTime from a "buy" rating to a "hold" rating in a report on Saturday. Barclays raised SiTime from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Finally, Zacks Research upgraded SiTime from a "hold" rating to a "strong-buy" rating in a report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $661.88.

SiTime Price Performance

NASDAQ:SITM opened at $710.47 on Tuesday. SiTime Corporation has a 1-year low of $186.49 and a 1-year high of $901.81. The company has a 50-day moving average of $684.11 and a 200 day moving average of $482.59. The firm has a market cap of $18.76 billion, a PE ratio of -703.44 and a beta of 2.94.

SiTime (NASDAQ:SITM - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating 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 business had revenue of $113.57 million for the quarter, compared to the consensus estimate of $103.51 million. During the same quarter last year, the firm posted $0.26 EPS. The company's revenue for the quarter was up 88.3% on a year-over-year basis. Sell-side analysts anticipate that SiTime Corporation will post 3.23 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.