Texas Permanent School Fund Corp Has $1.63 Million Position in SiTime Co. (NASDAQ:SITM)

Texas Permanent School Fund Corp reduced its position in shares of SiTime Co. (NASDAQ:SITM) by 14.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,077 shares of the company’s stock after selling 2,215 shares during the period. Texas Permanent School Fund Corp owned approximately 0.06% of SiTime worth $1,627,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Los Angeles Capital Management LLC acquired a new stake in SiTime during the 2nd quarter worth approximately $647,000. Arizona State Retirement System lifted its holdings in SiTime by 10.7% during the 2nd quarter. Arizona State Retirement System now owns 5,122 shares of the company’s stock worth $637,000 after purchasing an additional 493 shares during the last quarter. Rhumbline Advisers lifted its holdings in SiTime by 1.5% during the 2nd quarter. Rhumbline Advisers now owns 51,019 shares of the company’s stock worth $6,346,000 after purchasing an additional 745 shares during the last quarter. Lisanti Capital Growth LLC acquired a new stake in SiTime during the 2nd quarter worth approximately $4,009,000. Finally, nVerses Capital LLC acquired a new stake in SiTime during the 2nd quarter worth approximately $124,000. 84.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SITM. Needham & Company LLC reissued a “buy” rating and set a $130.00 price target on shares of SiTime in a report on Tuesday, June 25th. Barclays cut SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price target for the company. in a report on Tuesday, August 27th. Finally, Stifel Nicolaus raised their price objective on SiTime from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th.

SiTime Price Performance

SiTime stock opened at $156.87 on Thursday. The stock’s fifty day moving average price is $140.02 and its two-hundred day moving average price is $118.03. SiTime Co. has a one year low of $72.39 and a one year high of $165.26. The firm has a market cap of $3.59 billion, a PE ratio of -37.98 and a beta of 1.82.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $41.01 million. During the same quarter last year, the company posted ($1.17) EPS. The company’s revenue for the quarter was up 58.5% compared to the same quarter last year. Sell-side analysts expect that SiTime Co. will post -3.03 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Fariborz Assaderaghi sold 1,083 shares of SiTime stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $121.61, for a total value of $131,703.63. Following the transaction, the insider now owns 104,186 shares in the company, valued at approximately $12,670,059.46. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other SiTime news, insider Lionel Bonnot sold 3,203 shares of SiTime stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $140.26, for a total transaction of $449,252.78. Following the transaction, the insider now directly owns 86,838 shares of the company’s stock, valued at approximately $12,179,897.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Fariborz Assaderaghi sold 1,083 shares of SiTime stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $121.61, for a total value of $131,703.63. Following the transaction, the insider now directly owns 104,186 shares in the company, valued at $12,670,059.46. The disclosure for this sale can be found here. In the last quarter, insiders have sold 26,181 shares of company stock worth $3,636,308. Insiders own 2.30% of the company’s stock.

SiTime 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.