SiTime Corporation $SITM Shares Sold by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System cut its SiTime stake by 9.9% in the first quarter, though it still held 21,522 shares valued at about $7.43 million. Institutional investors remain heavily involved, owning 84.31% of the company.
• SiTime shares fell 7.5% to $569.56 in Tuesday trading, leaving the stock well below its 52-week high of $901.81. The company now has a market cap of about $15.04 billion.
• Despite the stock drop, SiTime’s latest earnings beat expectations, with Q1 EPS of $1.44 versus the $1.14 estimate and revenue of $113.57 million, up 88.3% from a year earlier. Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $661.88.

New York State Teachers Retirement System lessened its holdings in SiTime Corporation (NASDAQ:SITM - Free Report) by 9.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,522 shares of the company's stock after selling 2,378 shares during the period. New York State Teachers Retirement System owned approximately 0.08% of SiTime worth $7,433,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of SITM. Rakuten Securities Inc. boosted its holdings in SiTime by 188.5% in the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in SiTime during the fourth quarter worth approximately $33,000. Larson Financial Group LLC lifted its position in shares of SiTime by 3,200.0% during the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company's stock worth $30,000 after buying an additional 96 shares during the last quarter. Danske Bank A S purchased a new stake in shares of SiTime during the 4th quarter worth approximately $35,000. Finally, Bernard Wealth Management Corp. acquired a new position in shares of SiTime in the 4th quarter valued at $41,000. Institutional investors and hedge funds own 84.31% of the company's stock.

SiTime Stock Down 7.5%

NASDAQ:SITM traded down $45.90 during trading hours on Tuesday, reaching $569.56. 129,060 shares of the company's stock were exchanged, compared to its average volume of 482,356. The firm has a market capitalization of $15.04 billion, a price-to-earnings ratio of -565.79 and a beta of 2.91. 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 $696.75 and a 200 day moving average of $492.57.

SiTime (NASDAQ:SITM - Get Free Report) last announced 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. 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 during the quarter, compared to the consensus estimate of $103.51 million. During the same quarter in the prior year, the firm earned $0.26 earnings per share. The business's quarterly revenue was up 88.3% compared to the same quarter last year. Research analysts forecast that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SITM has been the topic of several research analyst reports. Roth Capital reiterated a "buy" rating and set a $900.00 price target on shares of SiTime in a research note on Thursday, May 7th. Stifel Nicolaus upped their price objective on shares of SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Needham & Company LLC raised their price objective on SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. UBS Group upped their target price on SiTime from $675.00 to $775.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $800.00 price target on shares of SiTime in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $661.88.

Insider Activity

In other SiTime news, Director Christine Heckart sold 1,290 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $700.00, for a total transaction of $903,000.00. Following the completion of the sale, the director directly owned 790 shares of the company's stock, valued at $553,000. This represents a 62.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Fariborz Assaderaghi sold 1,000 shares of SiTime stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $702.90, for a total value of $702,900.00. Following the completion of the transaction, the insider owned 78,936 shares in the company, valued at $55,484,114.40. This trade represents a 1.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 73,375 shares of company stock worth $51,931,438 over the last quarter. 1.40% of the stock is owned by insiders.

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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