Principal Financial Group Inc. Lowers Holdings in SiTime Co. (NASDAQ:SITM)

Principal Financial Group Inc. reduced its stake in shares of SiTime Co. (NASDAQ:SITM) by 13.7% during the 4th quarter, HoldingsChannel reports. The fund owned 387,488 shares of the company’s stock after selling 61,442 shares during the period. Principal Financial Group Inc.’s holdings in SiTime were worth $83,127,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Quantum Private Wealth LLC purchased a new position in SiTime during the fourth quarter worth approximately $209,000. Peregrine Investment Management Inc. purchased a new position in shares of SiTime in the 4th quarter worth $7,779,000. Blue Trust Inc. boosted its holdings in SiTime by 44.7% in the fourth quarter. Blue Trust Inc. now owns 217 shares of the company’s stock valued at $47,000 after acquiring an additional 67 shares during the last quarter. New York State Teachers Retirement System grew its position in SiTime by 0.4% during the fourth quarter. New York State Teachers Retirement System now owns 23,700 shares of the company’s stock valued at $5,084,000 after acquiring an additional 100 shares during the period. Finally, Van ECK Associates Corp increased its stake in SiTime by 256.2% during the fourth quarter. Van ECK Associates Corp now owns 2,429 shares of the company’s stock worth $521,000 after acquiring an additional 1,747 shares during the last quarter. 84.31% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Rajesh Vashist sold 12,000 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $259.25, for a total value of $3,111,000.00. Following the transaction, the chief executive officer now owns 24,781 shares in the company, valued at approximately $6,424,474.25. The trade was a 32.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Raman Chitkara sold 500 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $265.00, for a total value of $132,500.00. Following the sale, the director now owns 20,719 shares of the company’s stock, valued at approximately $5,490,535. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,934 shares of company stock worth $4,996,438 in the last quarter. 2.30% of the stock is owned by corporate insiders.

SiTime Trading Down 3.7 %

Shares of SITM stock opened at $176.50 on Thursday. The firm has a fifty day simple moving average of $217.79 and a 200-day simple moving average of $188.83. The company has a market capitalization of $4.12 billion, a PE ratio of -43.58 and a beta of 1.80. SiTime Co. has a twelve month low of $72.39 and a twelve month high of $268.18.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SITM. Barclays lifted their price objective on SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Raymond James reiterated an “outperform” rating and set a $250.00 price objective (up from $215.00) on shares of SiTime in a research note on Thursday, February 6th. Needham & Company LLC raised their target price on shares of SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Stifel Nicolaus upped their price target on shares of SiTime from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Finally, Roth Mkm raised their price objective on SiTime from $205.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat, SiTime has an average rating of “Moderate Buy” and a consensus price target of $232.00.

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.