Arizona State Retirement System Purchases 493 Shares of SiTime Co. (NASDAQ:SITM)

Arizona State Retirement System grew its position in shares of SiTime Co. (NASDAQ:SITM) by 10.7% in the second quarter, Holdings Channel reports. The fund owned 5,122 shares of the company’s stock after buying an additional 493 shares during the quarter. Arizona State Retirement System’s holdings in SiTime were worth $637,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Pineridge Advisors LLC bought a new stake in SiTime during the fourth quarter worth approximately $25,000. Nisa Investment Advisors LLC raised its holdings in SiTime by 59.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock valued at $29,000 after buying an additional 88 shares during the period. Quadrant Capital Group LLC lifted its position in SiTime by 78.2% in the fourth quarter. Quadrant Capital Group LLC now owns 335 shares of the company’s stock worth $41,000 after buying an additional 147 shares during the last quarter. GAMMA Investing LLC increased its position in SiTime by 281.0% during the second quarter. GAMMA Investing LLC now owns 381 shares of the company’s stock valued at $47,000 after acquiring an additional 281 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of SiTime in the 2nd quarter worth about $49,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

SiTime Stock Performance

Shares of NASDAQ:SITM opened at $146.49 on Monday. The firm’s 50 day simple moving average is $139.71 and its 200-day simple moving average is $116.95. SiTime Co. has a one year low of $72.39 and a one year high of $165.11. The firm has a market cap of $3.39 billion, a PE ratio of -35.47 and a beta of 1.82.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.04 by $0.08. SiTime had a negative return on equity of 10.53% and a negative net margin of 60.46%. The company had revenue of $43.90 million for the quarter, compared to the consensus estimate of $41.01 million. During the same period last year, the business posted ($1.17) EPS. SiTime’s quarterly revenue was up 58.5% on a year-over-year basis. Equities research analysts predict that SiTime Co. will post -3.03 EPS for the current fiscal year.

Insider Activity at SiTime

In other SiTime news, EVP Piyush B. Sevalia sold 6,331 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $140.20, for a total transaction of $887,606.20. Following the transaction, the executive vice president now directly owns 83,293 shares in the company, valued at approximately $11,677,678.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other SiTime news, EVP Piyush B. Sevalia sold 6,331 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $140.20, for a total transaction of $887,606.20. Following the sale, the executive vice president now owns 83,293 shares of the company’s stock, valued at approximately $11,677,678.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,003 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $140.00, for a total value of $140,420.00. Following the completion of the transaction, the insider now directly owns 111,581 shares of the company’s stock, valued at $15,621,340. The disclosure for this sale can be found here. Insiders sold 26,181 shares of company stock worth $3,636,308 over the last three months. 2.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Needham & Company LLC reiterated a “buy” rating and set a $130.00 price target on shares of SiTime in a report on Tuesday, June 25th. Barclays downgraded SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price target on the stock. in a report on Tuesday, August 27th. Finally, Stifel Nicolaus upped their price objective on SiTime from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, July 18th.

About SiTime

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.