4,800 Shares in SiTime Corporation $SITM Bought by Strs Ohio

Key Points

• Strs Ohio acquired a new position in SiTime Corporation (NASDAQ:SITM), purchasing 4,800 shares valued at approximately $734,000 in the 1st quarter.
• SiTime reported a quarterly earnings of $0.47 per share, exceeding analysts' expectations of $0.29, with revenue up 58.3% year-over-year to $69.49 million.
• Analysts have recently adjusted their price targets for SiTime, with Stifel Nicolaus raising it from $230.00 to $320.00 and four other firms issuing similar positive ratings.

Strs Ohio purchased a new position in SiTime Corporation (NASDAQ:SITM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,800 shares of the company's stock, valued at approximately $734,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisors Asset Management Inc. increased its position in shares of SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock valued at $54,000 after acquiring an additional 88 shares during the last quarter. Xponance Inc. grew its holdings in shares of SiTime by 7.2% in the first quarter. Xponance Inc. now owns 1,419 shares of the company's stock valued at $217,000 after purchasing an additional 95 shares in the last quarter. Vident Advisory LLC grew its holdings in shares of SiTime by 5.0% in the fourth quarter. Vident Advisory LLC now owns 2,199 shares of the company's stock valued at $472,000 after purchasing an additional 104 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new position in SiTime in the fourth quarter worth approximately $25,000. Finally, CWM LLC lifted its stake in SiTime by 69.0% in the first quarter. CWM LLC now owns 453 shares of the company's stock worth $69,000 after acquiring an additional 185 shares during the last quarter. 84.31% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Fariborz Assaderaghi sold 3,000 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $234.00, for a total transaction of $702,000.00. Following the sale, the insider owned 93,433 shares in the company, valued at $21,863,322. The trade was a 3.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Samsheer Ahamad sold 6,000 shares of the business's stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $250.00, for a total value of $1,500,000.00. Following the completion of the transaction, the insider directly owned 61,888 shares in the company, valued at $15,472,000. This represents a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,367 shares of company stock worth $7,258,713 over the last 90 days. Corporate insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SITM. Barclays boosted their price objective on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research report on Thursday, August 7th. Stifel Nicolaus upped their price target on shares of SiTime from $230.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday. Raymond James Financial reiterated an "outperform" rating and issued a $270.00 price target (up from $250.00) on shares of SiTime in a research report on Friday, August 29th. Finally, UBS Group assumed coverage on shares of SiTime in a report on Thursday, August 14th. They issued a "buy" rating and a $260.00 target price on the stock. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $258.33.

SiTime Price Performance

Shares of SiTime stock traded up $7.48 during trading hours on Friday, hitting $312.85. The company's stock had a trading volume of 770,871 shares, compared to its average volume of 359,592. The company has a market capitalization of $8.13 billion, a PE ratio of -89.90 and a beta of 2.18. SiTime Corporation has a 12 month low of $105.40 and a 12 month high of $313.93. The stock has a 50 day moving average of $226.30 and a 200 day moving average of $196.38.

SiTime (NASDAQ:SITM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.18. The firm had revenue of $69.49 million during the quarter, compared to the consensus estimate of $64.66 million. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The business's revenue was up 58.3% compared to the same quarter last year. During the same period last year, the company earned $0.12 earnings per share. Equities analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

SiTime Profile

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.