State of Michigan Retirement System Makes New Investment in SiTime Corporation $SITM

Key Points

• State of Michigan Retirement System initiated a new position in SiTime during the first quarter, buying 5,300 shares valued at about $1.83 million.
• Wall Street sentiment remains upbeat: several analysts reiterated or raised buy ratings on SiTime, with a consensus rating of Moderate Buy and an average price target of $661.88.
• Recent insider selling included shares sold by CEO Rajesh Vashist and insider Fariborz Assaderaghi, while the company also posted strong quarterly results with EPS and revenue both topping expectations.

State of Michigan Retirement System acquired a new position in SiTime Corporation (NASDAQ:SITM - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,300 shares of the company's stock, valued at approximately $1,830,000.

Several other institutional investors have also recently added to or reduced their stakes in SITM. Rakuten Securities Inc. grew its holdings in shares of 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. Larson Financial Group LLC lifted its holdings in 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. Caitong International Asset Management Co. Ltd acquired a new stake in SiTime during the fourth quarter worth approximately $33,000. Danske Bank A S purchased a new stake in SiTime in the fourth quarter valued at $35,000. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of SiTime during the fourth quarter worth about $41,000. Institutional investors and hedge funds own 84.31% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded SiTime from a "hold" rating to a "buy" rating in a research note on Sunday, July 12th. Roth Capital reiterated a "buy" rating and set a $900.00 target price on shares of SiTime in a research note on Thursday, May 7th. Stifel Nicolaus raised their price target on SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. The Goldman Sachs Group restated a "buy" rating and issued a $800.00 price target on shares of SiTime in a research report on Thursday, May 7th. Finally, Needham & Company LLC upped their price objective on SiTime from $450.00 to $850.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $661.88.

Insider Activity

In other news, insider Fariborz Assaderaghi sold 1,709 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $731.49, for a total transaction of $1,250,116.41. Following the transaction, the insider directly owned 81,436 shares in the company, valued at $59,569,619.64. This represents a 2.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajesh Vashist sold 30,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $701.13, for a total transaction of $21,033,900.00. Following the completion of the sale, the chief executive officer directly owned 402,898 shares in the company, valued at $282,483,874.74. This represents a 6.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 69,709 shares of company stock valued at $50,230,546 in the last three months. Company insiders own 1.40% of the company's stock.

SiTime Price Performance

SITM opened at $554.97 on Friday. SiTime Corporation has a 1-year low of $186.49 and a 1-year high of $901.81. The stock has a market cap of $14.65 billion, a P/E ratio of -549.48 and a beta of 2.91. The stock's 50 day simple moving average is $694.08 and its 200 day simple moving average is $506.38.

SiTime (NASDAQ:SITM - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping 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 company had revenue of $113.57 million during the quarter, compared to analysts' expectations of $103.51 million. During the same quarter in the previous year, the business posted $0.26 earnings per share. The firm's quarterly revenue was up 88.3% compared to the same quarter last year. Research analysts expect that SiTime Corporation will post 3.23 EPS for the current fiscal year.

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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