SiTime Corporation $SITM Shares Sold by Teacher Retirement System of Texas

Key Points

• Teacher Retirement System of Texas cut its SiTime stake by 25.9%, selling 2,256 shares and leaving 6,461 shares valued at $2.282M, while insiders have sold 26,178 shares (~$11.28M) in the past 90 days and now own 2.30% of the stock.
• Institutional investors hold the bulk of SiTime, with 84.31% ownership; Vanguard (2.76M shares, ~$832.8M), Invesco, State Street and Wellington all increased positions during recent quarters.
• Wall Street sentiment is mostly positive—consensus rating is a “Moderate Buy” with an average target of $415.63—and SiTime recently beat quarterly EPS estimates ($1.53 vs. $1.20) and reported 66% revenue growth, despite a negative net margin.

Teacher Retirement System of Texas decreased its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 25.9% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 6,461 shares of the company's stock after selling 2,256 shares during the period. Teacher Retirement System of Texas' holdings in SiTime were worth $2,282,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of SiTime by 4.7% in the 3rd quarter. Vanguard Group Inc. now owns 2,764,066 shares of the company's stock valued at $832,841,000 after purchasing an additional 123,287 shares during the last quarter. Invesco Ltd. grew its position in SiTime by 1.8% during the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company's stock worth $312,550,000 after purchasing an additional 18,165 shares during the last quarter. State Street Corp grew its position in SiTime by 3.7% during the 2nd quarter. State Street Corp now owns 911,280 shares of the company's stock worth $194,176,000 after purchasing an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. increased its stake in SiTime by 22.0% during the 2nd 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 in the last quarter. Finally, Wellington Management Group LLP increased its stake in SiTime by 36.8% during the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company's stock valued at $162,027,000 after purchasing an additional 144,671 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company's stock.

Insider Buying and Selling

In other SiTime news, insider Piyush B. Sevalia sold 2,419 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the sale, the insider directly owned 84,250 shares of the company's stock, valued at approximately $40,781,212.50. This trade represents a 2.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Akira Takata sold 3,500 shares of SiTime stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $431.73, for a total value of $1,511,055.00. Following the transaction, the director owned 13,734 shares of the company's stock, valued at $5,929,379.82. The trade was a 20.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 26,178 shares of company stock valued at $11,282,324 in the last 90 days. 2.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SITM has been the subject of several research reports. Barclays set a $400.00 price objective on shares of SiTime in a research note on Thursday, February 5th. Stifel Nicolaus upped their target price on SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Roth Mkm restated a "buy" rating and issued a $450.00 target price on shares of SiTime in a research note on Thursday, February 5th. UBS Group lifted their price target on SiTime from $430.00 to $485.00 and gave the stock a "buy" rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of SiTime in a research note on Tuesday, April 21st. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $415.63.

SiTime Trading Down 3.9%

Shares of NASDAQ SITM opened at $547.98 on Tuesday. The company has a 50 day simple moving average of $398.66 and a two-hundred day simple moving average of $357.19. The stock has a market cap of $14.47 billion, a price-to-earnings ratio of -301.09 and a beta of 2.57. SiTime Corporation has a 12 month low of $138.74 and a 12 month high of $591.13.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings data on Wednesday, February 4th. The company reported $1.53 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.33. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The firm had revenue of $113.29 million for the quarter, compared to analyst estimates of $101.91 million. During the same quarter in the prior year, the business earned $0.48 earnings per share. The business's quarterly revenue was up 66.3% compared to the same quarter last year. Analysts forecast that SiTime Corporation will post 1.31 EPS for the current 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.

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