SiTime Corporation $SITM Holdings Lowered by Jennison Associates LLC

Jennison Associates LLC decreased its stake in SiTime Corporation (NASDAQ:SITM) by 38.5% in the first quarter, HoldingsChannel reports. The firm owned 52,507 shares of the company’s stock after selling 32,921 shares during the period. Jennison Associates LLC’s holdings in SiTime were worth $18,133,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in SiTime by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock worth $997,904,000 after buying an additional 61,336 shares during the period. Invesco Ltd. boosted its holdings in shares of SiTime by 1.8% in the third quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after buying an additional 18,165 shares during the period. State Street Corp increased its position in shares of SiTime by 3.7% in the second quarter. State Street Corp now owns 911,280 shares of the company’s stock worth $194,176,000 after acquiring an additional 32,178 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of SiTime by 22.0% in the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after acquiring an additional 132,948 shares in the last quarter. Finally, Whale Rock Capital Management LLC raised its holdings in shares of SiTime by 45.4% during the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after acquiring an additional 218,038 shares during the period. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Wall Street Analyst Weigh In

SITM has been the subject of several research analyst reports. Roth Capital restated a “buy” rating and issued a $900.00 price target on shares of SiTime in a research report on Thursday, May 7th. UBS Group lifted their price objective on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Barclays raised shares of SiTime from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Friday. Finally, Wall Street Zen raised SiTime from a “hold” rating to a “buy” rating in a research report on Sunday, July 12th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $661.88.

SiTime Price Performance

Shares of NASDAQ SITM opened at $590.18 on Wednesday. SiTime Corporation has a one year low of $186.49 and a one year high of $901.81. The business’s 50-day moving average price is $682.01 and its two-hundred day moving average price is $510.36. The company has a market capitalization of $15.58 billion, a P/E ratio of -584.34 and a beta of 2.91.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.30. The company had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The business’s quarterly revenue was up 88.3% on a year-over-year basis. During the same period last year, the business earned $0.26 EPS. On average, equities analysts anticipate that SiTime Corporation will post 3.23 EPS for the current year.

Insiders Place Their Bets

In related news, Director Christine Heckart sold 1,290 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $700.00, for a total value of $903,000.00. Following the transaction, the director owned 790 shares in the company, valued at approximately $553,000. This represents a 62.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Fariborz Assaderaghi sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $702.90, for a total transaction of $702,900.00. Following the transaction, the insider directly owned 78,936 shares in the company, valued at approximately $55,484,114.40. The trade was a 1.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 69,709 shares of company stock worth $50,230,546 in the last quarter. Corporate insiders own 1.40% of the company’s stock.

About SiTime

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime’s products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company’s timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.