SiTime Co. (NASDAQ:SITM) Position Boosted by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its stake in shares of SiTime Co. (NASDAQ:SITM - Free Report) by 15.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 448,930 shares of the company's stock after acquiring an additional 59,931 shares during the period. Principal Financial Group Inc. owned 1.94% of SiTime worth $76,996,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Signaturefd LLC raised its holdings in SiTime by 67.4% in the 3rd quarter. Signaturefd LLC now owns 149 shares of the company's stock valued at $26,000 after acquiring an additional 60 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in SiTime by 59.5% during the second quarter. Nisa Investment Advisors LLC now owns 236 shares of the company's stock worth $29,000 after buying an additional 88 shares during the period. GAMMA Investing LLC lifted its position in SiTime by 281.0% during the second quarter. GAMMA Investing LLC now owns 381 shares of the company's stock worth $47,000 after buying an additional 281 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in SiTime in the 2nd quarter worth about $49,000. Finally, Bessemer Group Inc. increased its stake in shares of SiTime by 70.1% during the 1st quarter. Bessemer Group Inc. now owns 1,213 shares of the company's stock valued at $113,000 after acquiring an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 84.31% of the company's stock.

Insiders Place Their Bets

In related news, CEO Rajesh Vashist sold 20,000 shares of the firm's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $170.07, for a total transaction of $3,401,400.00. Following the sale, the chief executive officer now directly owns 424,417 shares in the company, valued at approximately $72,180,599.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Samsheer Ahamad sold 4,000 shares of the company's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $172.73, for a total value of $690,920.00. Following the sale, the insider now directly owns 78,979 shares of the company's stock, valued at $13,642,042.67. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Rajesh Vashist sold 20,000 shares of the firm's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $170.07, for a total transaction of $3,401,400.00. Following the transaction, the chief executive officer now directly owns 424,417 shares of the company's stock, valued at approximately $72,180,599.19. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,464 shares of company stock worth $5,372,893 over the last quarter. 2.30% of the stock is owned by corporate insiders.

SiTime Price Performance

SITM stock traded down $0.06 during midday trading on Friday, reaching $225.45. 337,459 shares of the company's stock traded hands, compared to its average volume of 176,369. SiTime Co. has a fifty-two week low of $72.39 and a fifty-two week high of $228.12. The business has a 50-day moving average price of $169.16 and a two-hundred day moving average price of $141.78. The company has a market capitalization of $5.22 billion, a P/E ratio of -54.46 and a beta of 1.83.

SiTime (NASDAQ:SITM - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.14. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The business had revenue of $57.70 million for the quarter, compared to analyst estimates of $55.10 million. During the same quarter in the previous year, the business posted ($0.81) EPS. The business's quarterly revenue was up 62.4% on a year-over-year basis. As a group, research analysts forecast that SiTime Co. will post -3.03 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on SITM. Stifel Nicolaus raised their target price on shares of SiTime from $175.00 to $200.00 and gave the stock a "buy" rating in a research report on Thursday, October 17th. Needham & Company LLC increased their price target on shares of SiTime from $140.00 to $225.00 and gave the stock a "buy" rating in a research note on Thursday. Roth Mkm boosted their price objective on shares of SiTime from $205.00 to $230.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Barclays increased their target price on SiTime from $90.00 to $130.00 and gave the stock an "underweight" rating in a research report on Friday.

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.