Jennison Associates LLC Trims Stake in SiTime Co. (NASDAQ:SITM)

Jennison Associates LLC cut its position in shares of SiTime Co. (NASDAQ:SITM) by 2.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 258,230 shares of the company’s stock after selling 6,304 shares during the period. Jennison Associates LLC owned approximately 1.12% of SiTime worth $44,289,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its stake in SiTime by 47.0% in the first quarter. Russell Investments Group Ltd. now owns 7,754 shares of the company’s stock worth $723,000 after purchasing an additional 2,480 shares during the period. ProShare Advisors LLC lifted its holdings in SiTime by 9.5% during the 1st quarter. ProShare Advisors LLC now owns 3,574 shares of the company’s stock valued at $333,000 after buying an additional 311 shares in the last quarter. Vanguard Group Inc. lifted its holdings in SiTime by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 2,203,286 shares of the company’s stock valued at $205,412,000 after buying an additional 85,800 shares in the last quarter. UniSuper Management Pty Ltd bought a new position in SiTime in the 1st quarter worth about $363,000. Finally, Bessemer Group Inc. increased its position in shares of SiTime by 70.1% during the first quarter. Bessemer Group Inc. now owns 1,213 shares of the company’s stock worth $113,000 after acquiring an additional 500 shares during the period. 84.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SITM shares. Stifel Nicolaus increased their price objective on SiTime from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Needham & Company LLC lifted their price objective on SiTime from $140.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Roth Mkm increased their target price on shares of SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Barclays boosted their price target on shares of SiTime from $90.00 to $130.00 and gave the company an “underweight” rating in a report on Friday, November 8th.

Insider Activity

In other SiTime news, insider Piyush B. Sevalia sold 807 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $160.00, for a total value of $129,120.00. Following the completion of the sale, the insider now directly owns 87,534 shares in the company, valued at approximately $14,005,440. This trade represents a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Fariborz Assaderaghi sold 1,083 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $139.05, for a total value of $150,591.15. Following the sale, the insider now owns 112,584 shares in the company, valued at $15,654,805.20. The trade was a 0.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,234 shares of company stock worth $6,454,237. Insiders own 2.30% of the company’s stock.

SiTime Price Performance

SITM opened at $210.50 on Friday. The firm has a market capitalization of $4.92 billion, a PE ratio of -50.85 and a beta of 1.83. The business’s 50-day moving average is $180.17 and its two-hundred day moving average is $148.36. SiTime Co. has a 1 year low of $72.39 and a 1 year high of $228.12.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.26 by $0.14. The firm had revenue of $57.70 million during the quarter, compared to analyst estimates of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. SiTime’s revenue was up 62.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.81) EPS. As a group, sell-side analysts expect that SiTime Co. will post -2.98 EPS for the current year.

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.