Principal Financial Group Inc. Acquires 59,931 Shares of SiTime Co. (NASDAQ:SITM)

Principal Financial Group Inc. increased its holdings in shares of SiTime Co. (NASDAQ:SITM) by 15.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 448,930 shares of the company’s stock after acquiring an additional 59,931 shares during the quarter. Principal Financial Group Inc. owned about 1.92% of SiTime worth $76,996,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of SITM. Sanctuary Advisors LLC acquired a new position in shares of SiTime during the 3rd quarter worth approximately $166,000. Virtu Financial LLC bought a new stake in shares of SiTime in the third quarter valued at approximately $204,000. Geode Capital Management LLC grew its position in SiTime by 3.7% during the third quarter. Geode Capital Management LLC now owns 440,922 shares of the company’s stock worth $75,637,000 after buying an additional 15,759 shares in the last quarter. Barclays PLC increased its stake in SiTime by 80.7% during the 3rd quarter. Barclays PLC now owns 37,982 shares of the company’s stock worth $6,515,000 after acquiring an additional 16,964 shares during the period. Finally, Public Employees Retirement System of Ohio raised its holdings in SiTime by 6.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 17,960 shares of the company’s stock valued at $3,080,000 after acquiring an additional 1,039 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on SITM shares. Stifel Nicolaus increased their target price on SiTime from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Needham & Company LLC raised their target price on shares of SiTime from $140.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Barclays boosted their target price on shares of SiTime from $90.00 to $130.00 and gave the company an “underweight” rating in a research report on Friday, November 8th. Finally, Roth Mkm lifted 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, November 7th.

Insider Activity at SiTime

In other SiTime news, insider Fariborz Assaderaghi sold 363 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $216.25, for a total value of $78,498.75. Following the completion of the transaction, the insider now directly owns 104,322 shares in the company, valued at approximately $22,559,632.50. This represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Rajesh Vashist sold 12,000 shares of SiTime stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $259.25, for a total transaction 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. This trade represents a 32.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,270 shares of company stock valued at $7,202,728 in the last 90 days. 2.30% of the stock is owned by corporate insiders.

SiTime Trading Up 0.3 %

Shares of NASDAQ SITM opened at $216.65 on Friday. The stock has a 50-day moving average price of $206.22 and a two-hundred day moving average price of $164.70. SiTime Co. has a 12 month low of $72.39 and a 12 month high of $268.18. The company has a market cap of $5.06 billion, a price-to-earnings ratio of -52.33 and a beta of 1.86.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.26 by $0.14. The business had revenue of $57.70 million during the quarter, compared to the consensus estimate of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The firm’s revenue was up 62.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.81) EPS. On average, sell-side analysts predict that SiTime Co. will post -2.98 earnings per share for the current year.

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.