State of New Jersey Common Pension Fund D Sells 2,202 Shares of SiTime Corporation $SITM

State of New Jersey Common Pension Fund D lowered its stake in SiTime Corporation (NASDAQ:SITM) by 19.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 9,231 shares of the company’s stock after selling 2,202 shares during the period. State of New Jersey Common Pension Fund D’s holdings in SiTime were worth $1,967,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. boosted its stake in SiTime by 17.0% in the 1st quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company’s stock worth $92,233,000 after purchasing an additional 87,598 shares during the period. Alliancebernstein L.P. boosted its stake in SiTime by 2,016.8% in the 1st quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock worth $67,756,000 after purchasing an additional 422,288 shares during the period. Wellington Management Group LLP boosted its stake in SiTime by 41.9% in the 1st quarter. Wellington Management Group LLP now owns 277,590 shares of the company’s stock worth $42,435,000 after purchasing an additional 82,017 shares during the period. Eventide Asset Management LLC boosted its stake in SiTime by 5,015.9% in the 1st quarter. Eventide Asset Management LLC now owns 166,214 shares of the company’s stock worth $25,408,000 after purchasing an additional 162,965 shares during the period. Finally, Neuberger Berman Group LLC boosted its stake in SiTime by 360.8% in the 1st quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company’s stock worth $20,670,000 after purchasing an additional 105,868 shares during the period. 84.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SITM has been the subject of a number of research analyst reports. Barclays upped their target price on shares of SiTime from $180.00 to $220.00 and gave the stock an “underweight” rating in a research note on Thursday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research note on Wednesday, October 8th. UBS Group upped their target price on shares of SiTime from $260.00 to $355.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Stifel Nicolaus increased their price objective on shares of SiTime from $230.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, September 18th. Finally, Raymond James Financial restated an “outperform” rating and set a $270.00 price objective (up from $250.00) on shares of SiTime in a research note on Friday, August 29th. Five research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $274.17.

SiTime Stock Up 4.5%

Shares of SITM stock opened at $289.64 on Friday. The firm has a 50 day moving average price of $276.36 and a two-hundred day moving average price of $224.57. The company has a market capitalization of $7.53 billion, a PE ratio of -83.23 and a beta of 2.35. SiTime Corporation has a 12-month low of $105.40 and a 12-month high of $323.66.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.18. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The company had revenue of $69.49 million during the quarter, compared to analysts’ expectations of $64.66 million. During the same quarter in the previous year, the business posted $0.12 earnings per share. SiTime’s quarterly revenue was up 58.3% on a year-over-year basis. As a group, research analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Rajesh Vashist sold 2,000 shares of SiTime stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $232.00, for a total value of $464,000.00. Following the transaction, the chief executive officer directly owned 463,208 shares of the company’s stock, valued at $107,464,256. This trade represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Piyush B. Sevalia sold 2,056 shares of the stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $251.50, for a total transaction of $517,084.00. Following the completion of the transaction, the insider directly owned 78,757 shares of the company’s stock, valued at $19,807,385.50. This trade represents a 2.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 36,367 shares of company stock valued at $9,330,713 over the last three months. 2.10% of the stock is owned by corporate insiders.

About SiTime

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.