Principal Financial Group Inc. Reduces Holdings in SiTime Corporation $SITM

Principal Financial Group Inc. lessened its position in shares of SiTime Corporation (NASDAQ:SITM) by 17.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 350,376 shares of the company’s stock after selling 73,446 shares during the quarter. Principal Financial Group Inc. owned about 1.35% of SiTime worth $105,572,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Game Plan Financial Advisors LLC purchased a new stake in SiTime in the second quarter valued at $25,000. Salomon & Ludwin LLC purchased a new position in shares of SiTime during the 3rd quarter worth $47,000. Global Retirement Partners LLC increased its position in shares of SiTime by 3,220.0% during the 3rd quarter. Global Retirement Partners LLC now owns 166 shares of the company’s stock worth $50,000 after purchasing an additional 161 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in SiTime by 33.6% in the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after buying an additional 88 shares during the period. Finally, State of Wyoming acquired a new position in SiTime in the second quarter valued at about $58,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

SiTime Stock Up 3.0%

Shares of SITM stock opened at $374.18 on Tuesday. The firm has a 50 day moving average of $352.43 and a two-hundred day moving average of $291.96. The stock has a market capitalization of $9.77 billion, a PE ratio of -126.41 and a beta of 2.49. SiTime Corporation has a 52 week low of $105.40 and a 52 week high of $393.80.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. SiTime had a negative return on equity of 5.69% and a negative net margin of 25.18%.The firm had revenue of $83.57 million during the quarter, compared to analyst estimates of $78.08 million. During the same period last year, the business posted $0.40 earnings per share. SiTime’s revenue was up 44.8% compared to the same quarter last year. Analysts expect that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SITM shares. Barclays set a $360.00 price target on shares of SiTime and gave the company an “equal weight” rating in a research report on Thursday, January 15th. Raymond James Financial reissued an “outperform” rating on shares of SiTime in a research report on Tuesday, December 2nd. Needham & Company LLC raised their price target on SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a report on Thursday, January 22nd. Finally, Loop Capital assumed coverage on SiTime in a research note on Friday, November 21st. They set a “buy” rating and a $350.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, SiTime presently has an average rating of “Moderate Buy” and a consensus price target of $367.50.

Insider Transactions at SiTime

In related news, insider Samsheer Ahamad sold 4,000 shares of SiTime stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $291.10, for a total value of $1,164,400.00. Following the completion of the transaction, the insider owned 51,711 shares in the company, valued at $15,053,072.10. The trade was a 7.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Rajesh Vashist sold 10,000 shares of the stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $329.00, for a total transaction of $3,290,000.00. Following the completion of the sale, the chief executive officer directly owned 439,208 shares in the company, valued at approximately $144,499,432. This represents a 2.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 19,500 shares of company stock valued at $6,212,210. 2.10% of the stock is currently owned by corporate 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.