California Public Employees Retirement System Makes New $11.89 Million Investment in SiTime Corporation $SITM

California Public Employees Retirement System acquired a new stake in SiTime Corporation (NASDAQ:SITM) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 34,439 shares of the company’s stock, valued at approximately $11,894,000. California Public Employees Retirement System owned 0.13% of SiTime as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rakuten Securities Inc. raised its position 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 during the period. Larson Financial Group LLC grew its position in shares of SiTime by 3,200.0% in the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock valued at $30,000 after purchasing an additional 96 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of SiTime during the 4th quarter valued at $33,000. Danske Bank A S bought a new stake in shares of SiTime during the 4th quarter valued at $35,000. Finally, Bernard Wealth Management Corp. purchased a new stake in shares of SiTime in the fourth quarter worth about $41,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

SiTime Stock Down 3.8%

NASDAQ:SITM opened at $554.46 on Friday. The business’s 50-day simple moving average is $667.85 and its two-hundred day simple moving average is $513.77. SiTime Corporation has a 52 week low of $186.49 and a 52 week high of $901.81. The stock has a market cap of $14.64 billion, a PE ratio of -548.97 and a beta of 2.91.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.30. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The firm had revenue of $113.57 million during the quarter, compared to analysts’ expectations of $103.51 million. During the same quarter last year, the business posted $0.26 earnings per share. The firm’s revenue was up 88.3% on a year-over-year basis. Sell-side analysts anticipate that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on SITM. Needham & Company LLC raised their price objective on shares of SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Zacks Research cut shares of SiTime from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Barclays raised shares of SiTime from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $400.00 to $850.00 in a research report on Thursday, May 7th. Wall Street Zen upgraded SiTime from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Finally, Stifel Nicolaus upped their price objective on SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $661.88.

Insider Buying and Selling at SiTime

In other news, Director Raman Chitkara sold 2,000 shares of SiTime stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $727.38, for a total transaction of $1,454,760.00. Following the sale, the director owned 19,898 shares in the company, valued at $14,473,407.24. This trade represents a 9.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Rajesh Vashist sold 5,000 shares of SiTime stock in a transaction on Monday, June 15th. The shares were sold at an average price of $750.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the chief executive officer owned 9,781 shares in the company, valued at approximately $7,335,750. This represents a 33.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 69,709 shares of company stock worth $50,230,546. Insiders own 1.40% of the company’s stock.

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.