Jennison Associates LLC Sells 67,727 Shares of SiTime Corporation (NASDAQ:SITM)

Jennison Associates LLC decreased its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 26.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 188,699 shares of the company's stock after selling 67,727 shares during the period. Jennison Associates LLC owned 0.80% of SiTime worth $28,846,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC purchased a new stake in SiTime during the fourth quarter worth $25,000. Opal Wealth Advisors LLC acquired a new position in shares of SiTime in the first quarter worth $32,000. Aster Capital Management DIFC Ltd acquired a new position in shares of SiTime in the fourth quarter worth $58,000. CWM LLC raised its holdings in shares of SiTime by 69.0% in the first quarter. CWM LLC now owns 453 shares of the company's stock worth $69,000 after acquiring an additional 185 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in shares of SiTime in the fourth quarter worth $81,000. Institutional investors and hedge funds own 84.31% of the company's stock.

SiTime Trading Down 2.1%

NASDAQ:SITM traded down $4.06 on Wednesday, hitting $193.89. 35,096 shares of the stock were exchanged, compared to its average volume of 265,014. The stock has a market cap of $4.60 billion, a PE ratio of -50.97 and a beta of 2.20. The stock has a fifty day moving average of $209.37 and a 200-day moving average of $188.07. SiTime Corporation has a fifty-two week low of $105.40 and a fifty-two week high of $268.18.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus boosted their price target on SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Barclays upped their target price on SiTime from $135.00 to $180.00 and gave the company an "underweight" rating in a research note on Wednesday, June 11th. One research 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, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $228.00.

Insider Transactions at SiTime

In other news, insider Vincent P. Pangrazio sold 5,026 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $204.55, for a total transaction of $1,028,068.30. Following the sale, the insider directly owned 64,842 shares in the company, valued at approximately $13,263,431.10. This represents a 7.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Tom Dang-Hsing Yiu sold 2,115 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $200.00, for a total value of $423,000.00. Following the sale, the director owned 18,500 shares in the company, valued at $3,700,000. The trade was a 10.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,818 shares of company stock valued at $13,601,258 in the last three months. 2.30% of the stock is currently owned by company insiders.

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.