California State Teachers Retirement System Has $8.86 Million Stock Position in SiTime Corporation $SITM

California State Teachers Retirement System boosted its position in SiTime Corporation (NASDAQ:SITM) by 22.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,655 shares of the company’s stock after acquiring an additional 4,670 shares during the period. California State Teachers Retirement System’s holdings in SiTime were worth $8,860,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its stake in SiTime by 26.2% in the first quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 16 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of SiTime by 0.3% during the 4th quarter. Los Angeles Capital Management LLC now owns 9,023 shares of the company’s stock valued at $3,187,000 after purchasing an additional 25 shares during the last quarter. CWM LLC boosted its position in SiTime by 4.2% during the 4th quarter. CWM LLC now owns 951 shares of the company’s stock worth $336,000 after buying an additional 38 shares during the period. Corient Private Wealth LLC boosted its holdings in SiTime by 5.9% in the fourth quarter. Corient Private Wealth LLC now owns 703 shares of the company’s stock valued at $249,000 after acquiring an additional 39 shares during the last quarter. Finally, Lazard Asset Management LLC grew its holdings in SiTime by 7.7% in the second quarter. Lazard Asset Management LLC now owns 654 shares of the company’s stock worth $139,000 after purchasing an additional 47 shares during the period. 84.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SITM. Stifel Nicolaus raised their target price on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Zacks Research lowered SiTime from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research note on Friday, July 17th. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $400.00 to $850.00 in a research report on Thursday, May 7th. Finally, Needham & Company LLC increased their target price on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $661.88.

SiTime Price Performance

Shares of SITM opened at $583.06 on Wednesday. The firm has a market cap of $15.39 billion, a P/E ratio of -577.29 and a beta of 2.94. SiTime Corporation has a 1 year low of $187.56 and a 1 year high of $901.81. The company has a 50 day simple moving average of $640.73 and a two-hundred day simple moving average of $523.95.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share 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 for the quarter, compared to the consensus estimate of $103.51 million. During the same period in the prior year, the business posted $0.26 earnings per share. The company’s revenue for the quarter was up 88.3% on a year-over-year basis. On average, sell-side analysts anticipate that SiTime Corporation will post 3.23 earnings per share for the current year.

Insider Activity at SiTime

In other SiTime news, Director Christine Heckart sold 1,290 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $700.00, for a total value of $903,000.00. Following the completion of the sale, the director owned 790 shares in the company, valued at approximately $553,000. This represents a 62.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Fariborz Assaderaghi sold 1,000 shares of SiTime stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $702.90, for a total transaction of $702,900.00. Following the sale, the insider directly owned 78,936 shares in the company, valued at approximately $55,484,114.40. The trade was a 1.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 69,709 shares of company stock worth $50,230,546 in the last quarter. 1.40% of the stock is owned by insiders.

About SiTime

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.