Principal Financial Group Inc. Reduces Position in SiTime Co. (NASDAQ:SITM)

Principal Financial Group Inc. lowered its position in SiTime Co. (NASDAQ:SITM) by 13.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 387,488 shares of the company’s stock after selling 61,442 shares during the quarter. Principal Financial Group Inc. owned approximately 1.66% of SiTime worth $83,127,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SITM. FMR LLC raised its position in SiTime by 1.1% in the 3rd quarter. FMR LLC now owns 3,469,843 shares of the company’s stock valued at $595,113,000 after purchasing an additional 39,119 shares during the last quarter. State Street Corp raised its holdings in shares of SiTime by 3.1% in the third quarter. State Street Corp now owns 922,974 shares of the company’s stock valued at $158,299,000 after buying an additional 27,692 shares during the last quarter. Geode Capital Management LLC lifted its position in SiTime by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 440,922 shares of the company’s stock worth $75,637,000 after acquiring an additional 15,759 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of SiTime by 7.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 165,820 shares of the company’s stock worth $28,440,000 after purchasing an additional 11,955 shares during the period. Finally, LMR Partners LLP lifted its stake in shares of SiTime by 705.0% in the 3rd quarter. LMR Partners LLP now owns 80,500 shares of the company’s stock worth $13,807,000 after acquiring an additional 70,500 shares during the period. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Insider Buying and Selling

In related news, Director Raman Chitkara sold 500 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $265.00, for a total transaction of $132,500.00. Following the transaction, the director now owns 20,719 shares of the company’s stock, valued at approximately $5,490,535. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Rajesh Vashist sold 12,000 shares of SiTime stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 24,781 shares of the company’s stock, valued at $6,424,474.25. The trade was a 32.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,934 shares of company stock worth $4,996,438. 2.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SITM shares. Stifel Nicolaus upped their price objective on SiTime from $250.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Needham & Company LLC boosted their target price on shares of SiTime from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Barclays increased their price target on shares of SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a report on Friday, January 17th. Raymond James reissued an “outperform” rating and set a $250.00 price objective (up previously from $215.00) on shares of SiTime in a report on Thursday, February 6th. Finally, Roth Mkm increased their target price on shares of SiTime from $205.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $232.00.

SiTime Stock Performance

Shares of NASDAQ:SITM opened at $176.50 on Thursday. The business’s fifty day moving average price is $217.79 and its two-hundred day moving average price is $188.83. The stock has a market cap of $4.12 billion, a PE ratio of -43.58 and a beta of 1.80. SiTime Co. has a one year low of $72.39 and a one year high of $268.18.

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.