Jennison Associates LLC Reduces Position in SiTime Corporation (NASDAQ:SITM)

Jennison Associates LLC reduced its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 26.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 188,699 shares of the company's stock after selling 67,727 shares during the quarter. Jennison Associates LLC owned approximately 0.80% of SiTime worth $28,846,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its holdings in shares of SiTime by 80.9% in the first quarter. GAMMA Investing LLC now owns 1,708 shares of the company's stock valued at $261,000 after purchasing an additional 764 shares during the period. Wells Fargo & Company MN grew its stake in shares of SiTime by 25.5% during the 4th quarter. Wells Fargo & Company MN now owns 14,788 shares of the company's stock worth $3,172,000 after purchasing an additional 3,004 shares during the period. Rhumbline Advisers increased its holdings in shares of SiTime by 0.9% in the 1st quarter. Rhumbline Advisers now owns 51,143 shares of the company's stock valued at $7,818,000 after purchasing an additional 440 shares in the last quarter. Millennium Management LLC increased its holdings in shares of SiTime by 205.0% in the 4th quarter. Millennium Management LLC now owns 7,344 shares of the company's stock valued at $1,576,000 after purchasing an additional 4,936 shares in the last quarter. Finally, Swiss National Bank lifted its stake in shares of SiTime by 1.7% in the fourth quarter. Swiss National Bank now owns 36,400 shares of the company's stock valued at $7,809,000 after purchasing an additional 600 shares during the period. 84.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other SiTime news, insider Piyush B. Sevalia sold 1,039 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $220.00, for a total transaction of $228,580.00. Following the sale, the insider owned 85,516 shares in the company, valued at approximately $18,813,520. The trade was a 1.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Rajesh Vashist sold 10,000 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $215.00, for a total transaction of $2,150,000.00. Following the sale, the chief executive officer directly owned 474,763 shares in the company, valued at approximately $102,074,045. This trade represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 63,818 shares of company stock worth $13,171,258 in the last ninety days. Insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SITM. Stifel Nicolaus increased their price target on shares of SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a research report on Friday. Barclays upped their price objective on shares of SiTime from $135.00 to $180.00 and gave the company an "underweight" rating in a research note on Wednesday, June 11th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, SiTime presently has a consensus rating of "Moderate Buy" and an average target price of $228.00.

SiTime Stock Up 3.0%

Shares of SiTime stock opened at $215.40 on Friday. The business has a 50-day moving average price of $209.37 and a 200 day moving average price of $188.31. SiTime Corporation has a fifty-two week low of $105.40 and a fifty-two week high of $268.18. The firm has a market cap of $5.11 billion, a P/E ratio of -56.68 and a beta of 2.20.

SiTime (NASDAQ:SITM - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.15. The firm had revenue of $60.31 million for the quarter, compared to analysts' expectations of $54.01 million. SiTime had a negative net margin of 38.60% and a negative return on equity of 9.43%. SiTime's revenue was up 82.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.08) earnings per share. As a group, equities research analysts anticipate that SiTime Corporation will post -2.44 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.

Want to see what other hedge funds are holding SITM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SiTime Corporation (NASDAQ:SITM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.