SiTime Corporation $SITM Stock Position Trimmed by Jennison Associates LLC

Jennison Associates LLC trimmed its position in shares of SiTime Corporation (NASDAQ:SITM) by 38.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,507 shares of the company’s stock after selling 32,921 shares during the period. Jennison Associates LLC owned 0.20% of SiTime worth $18,133,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SITM. Los Angeles Capital Management LLC increased its stake in shares of SiTime by 0.3% in the fourth quarter. Los Angeles Capital Management LLC now owns 9,023 shares of the company’s stock valued at $3,187,000 after purchasing an additional 25 shares during the period. Atlas Brown Inc. grew its holdings in SiTime by 1.6% in the 4th quarter. Atlas Brown Inc. now owns 2,292 shares of the company’s stock worth $810,000 after buying an additional 37 shares in the last quarter. CWM LLC increased its position in SiTime by 4.2% in the 4th quarter. CWM LLC now owns 951 shares of the company’s stock valued at $336,000 after acquiring an additional 38 shares during the period. Corient Private Wealth LLC raised its stake in SiTime by 5.9% during the 4th quarter. Corient Private Wealth LLC now owns 703 shares of the company’s stock valued at $249,000 after acquiring an additional 39 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its position in SiTime by 7.7% during the 2nd quarter. Lazard Asset Management LLC now owns 654 shares of the company’s stock worth $139,000 after acquiring an additional 47 shares during the period. Institutional investors own 84.31% of the company’s stock.

Insider Activity at SiTime

In other news, Director Akira Takata sold 1,500 shares of SiTime stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total value of $1,291,290.00. Following the transaction, the director owned 12,234 shares of the company’s stock, valued at $10,531,761.24. The trade was a 10.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Rajesh Vashist sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $701.13, for a total transaction of $21,033,900.00. Following the completion of the sale, the chief executive officer owned 402,898 shares in the company, valued at $282,483,874.74. The trade was a 6.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 69,709 shares of company stock worth $50,230,546. Company insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. The Goldman Sachs Group reissued a “buy” rating and set a $800.00 price target on shares of SiTime in a report on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research report on Friday. Barclays raised shares of SiTime from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. Zacks Research downgraded shares of SiTime from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, UBS Group boosted their price target 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. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, SiTime currently has a consensus rating of “Moderate Buy” and a consensus price target of $661.88.

SiTime Stock Performance

SITM opened at $590.18 on Wednesday. The company has a market capitalization of $15.58 billion, a PE ratio of -584.34 and a beta of 2.91. The stock’s fifty day moving average is $682.01 and its 200-day moving average is $510.36. SiTime Corporation has a one year low of $186.49 and a one year high of $901.81.

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

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.