State Board of Administration of Florida Retirement System Sells 160 Shares of SiTime Co. (NASDAQ:SITM)

State Board of Administration of Florida Retirement System lowered its stake in shares of SiTime Co. (NASDAQ:SITMGet Rating) by 2.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,764 shares of the company’s stock after selling 160 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in SiTime were worth $940,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in SiTime by 1.3% during the first quarter. BlackRock Inc. now owns 1,706,274 shares of the company’s stock worth $422,847,000 after purchasing an additional 22,522 shares during the period. Vanguard Group Inc. boosted its position in SiTime by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,461,329 shares of the company’s stock worth $362,147,000 after purchasing an additional 16,757 shares during the period. State Street Corp boosted its position in shares of SiTime by 8.0% in the first quarter. State Street Corp now owns 648,161 shares of the company’s stock valued at $160,627,000 after acquiring an additional 48,087 shares during the period. Trigran Investments Inc. boosted its position in shares of SiTime by 15.7% in the second quarter. Trigran Investments Inc. now owns 428,528 shares of the company’s stock valued at $69,864,000 after acquiring an additional 58,043 shares during the period. Finally, Invesco Ltd. boosted its position in shares of SiTime by 2.1% in the first quarter. Invesco Ltd. now owns 398,167 shares of the company’s stock valued at $98,673,000 after acquiring an additional 8,155 shares during the period. Institutional investors own 72.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Needham & Company LLC reduced their price objective on SiTime from $125.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, November 3rd. Raymond James reduced their price objective on SiTime from $240.00 to $120.00 and set an “outperform” rating for the company in a research report on Thursday, November 3rd. Barclays reduced their price objective on SiTime from $130.00 to $96.00 and set an “overweight” rating for the company in a research report on Thursday, November 3rd. Finally, Credit Suisse Group assumed coverage on SiTime in a research note on Tuesday. They issued an “outperform” rating and a $135.00 target price for the company. Four investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $116.50.

Insiders Place Their Bets

In other news, insider Lionel Bonnot sold 399 shares of the stock in a transaction on Monday, November 7th. The stock was sold at an average price of $87.00, for a total transaction of $34,713.00. Following the sale, the insider now owns 104,510 shares in the company, valued at $9,092,370. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Lionel Bonnot sold 399 shares of the firm’s stock in a transaction dated Monday, November 7th. The stock was sold at an average price of $87.00, for a total value of $34,713.00. Following the transaction, the insider now owns 104,510 shares in the company, valued at $9,092,370. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Fariborz Assaderaghi sold 468 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $113.00, for a total value of $52,884.00. Following the completion of the transaction, the insider now owns 116,685 shares in the company, valued at approximately $13,185,405. The disclosure for this sale can be found here. Insiders sold 2,026 shares of company stock worth $203,497 over the last three months. 1.16% of the stock is currently owned by corporate insiders.

SiTime Price Performance

SiTime stock opened at $102.80 on Friday. The stock has a fifty day moving average price of $87.60 and a two-hundred day moving average price of $137.45. SiTime Co. has a 52-week low of $73.10 and a 52-week high of $341.77. The firm has a market capitalization of $2.20 billion, a P/E ratio of 51.40, a P/E/G ratio of 7.14 and a beta of 1.90.

About SiTime

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SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. Its solutions have applications in various markets, including communications and enterprise, automotive, industrial, Internet of Things, mobile, consumer, and aerospace and defense.

Further Reading

Institutional Ownership by Quarter for SiTime (NASDAQ:SITM)

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