Principal Financial Group Inc. decreased its position in SiTime Corporation (NASDAQ:SITM - Free Report) by 13.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 333,648 shares of the company's stock after selling 53,840 shares during the quarter. Principal Financial Group Inc. owned 1.41% of SiTime worth $51,005,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also added to or reduced their stakes in SITM. Fourth Dimension Wealth LLC purchased a new position in shares of SiTime in the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC purchased a new position in shares of SiTime in the 1st quarter worth approximately $32,000. Aster Capital Management DIFC Ltd purchased a new position in shares of SiTime in the 4th quarter worth approximately $58,000. Smartleaf Asset Management LLC boosted its holdings in shares of SiTime by 278.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 280 shares of the company's stock worth $60,000 after purchasing an additional 206 shares during the period. Finally, Lazard Asset Management LLC purchased a new position in shares of SiTime in the 4th quarter worth approximately $81,000. Institutional investors own 84.31% of the company's stock.
SiTime Stock Up 1.6%
SITM opened at $212.61 on Monday. The business has a fifty day moving average of $200.59 and a 200 day moving average of $188.96. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $268.18. The stock has a market cap of $5.04 billion, a P/E ratio of -55.95 and a beta of 2.20.
SiTime (NASDAQ:SITM - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.15. SiTime had a negative return on equity of 9.43% and a negative net margin of 38.60%. The business had revenue of $60.31 million during the quarter, compared to analysts' expectations of $54.01 million. During the same period in the prior year, the business earned ($0.08) EPS. The business's revenue for the quarter was up 82.7% compared to the same quarter last year. Equities analysts anticipate that SiTime Corporation will post -2.44 EPS for the current fiscal year.
Analyst Ratings Changes
SITM has been the subject of a number of recent research reports. Barclays lifted their target price on SiTime from $135.00 to $180.00 and gave the stock an "underweight" rating in a report on Wednesday, June 11th. Stifel Nicolaus boosted their price objective on SiTime from $180.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, SiTime currently has a consensus rating of "Moderate Buy" and a consensus target price of $224.00.
Check Out Our Latest Analysis on SiTime
Insiders Place Their Bets
In other SiTime news, insider Piyush B. Sevalia sold 1,039 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $220.00, for a total value of $228,580.00. Following the completion of the sale, the insider directly owned 85,516 shares in the company, valued at approximately $18,813,520. This represents a 1.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lionel Bonnot sold 1,991 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $201.36, for a total value of $400,907.76. Following the completion of the sale, the insider owned 82,579 shares of the company's stock, valued at $16,628,107.44. This represents a 2.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 63,818 shares of company stock worth $13,171,258. 2.30% of the stock is owned by company insiders.
About SiTime
(
Free Report)
SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.
Further Reading
Want to see what other hedge funds are holding SITM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SiTime Corporation (NASDAQ:SITM - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
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