Teacher Retirement System of Texas Cuts Holdings in SiTime Corporation $SITM

Teacher Retirement System of Texas cut its stake in SiTime Corporation (NASDAQ:SITM) by 6.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,011 shares of the company’s stock after selling 657 shares during the quarter. Teacher Retirement System of Texas’ holdings in SiTime were worth $1,920,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

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

SiTime Stock Down 0.5%

Shares of SITM stock opened at $288.24 on Tuesday. SiTime Corporation has a 12-month low of $105.40 and a 12-month high of $323.66. The company has a market capitalization of $7.49 billion, a P/E ratio of -82.83 and a beta of 2.36. The firm has a 50-day moving average price of $277.49 and a 200 day moving average price of $226.96.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 32.15% and a negative return on equity of 7.54%. The firm’s quarterly revenue was up 58.3% on a year-over-year basis. During the same period last year, the firm posted $0.12 EPS. As a group, research analysts expect that SiTime Corporation will post -2.44 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Elizabeth A. Howe sold 5,099 shares of the business’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $319.00, for a total value of $1,626,581.00. Following the transaction, the executive vice president directly owned 59,070 shares of the company’s stock, valued at $18,843,330. The trade was a 7.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Samsheer Ahamad sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The stock was 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. The trade was a 8.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 36,367 shares of company stock worth $9,330,713 over the last ninety days. 2.30% of the stock is owned by insiders.

SiTime Company 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.