Jennison Associates LLC Sells 26,817 Shares of SiTime Corporation $SITM

Key Points

• Jennison Associates LLC reduced its SiTime position by 23.9%, selling 26,817 shares in Q4 and now holds 85,428 shares valued at about $30.17 million.
• Company insiders have been net sellers — Piyush B. Sevalia sold 2,419 shares at an average $484.05 and Director Akira Takata sold 3,500 shares, with insiders offloading a total of 26,178 shares (~$11.28M) in the last three months; insiders now own 2.10% of the stock.
• SiTime beat quarterly expectations (EPS $1.53 vs $1.20; revenue $113.29M vs $101.91M, up 66.3% YoY) and the stock trades near its 52-week high (~$558.63), while analysts' consensus price target is $415.63 and the average rating is "Moderate Buy."

Jennison Associates LLC lessened its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 23.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 85,428 shares of the company's stock after selling 26,817 shares during the period. Jennison Associates LLC owned approximately 0.33% of SiTime worth $30,172,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in SITM. Rakuten Securities Inc. grew its stake in shares of SiTime by 188.5% during the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company's stock worth $26,000 after buying an additional 49 shares during the last quarter. Hantz Financial Services Inc. grew its stake in shares of SiTime by 190.3% during the third quarter. Hantz Financial Services Inc. now owns 90 shares of the company's stock worth $27,000 after buying an additional 59 shares during the last quarter. Optiver Holding B.V. grew its stake in shares of SiTime by 56.1% during the third quarter. Optiver Holding B.V. now owns 89 shares of the company's stock worth $27,000 after buying an additional 32 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of SiTime by 3,200.0% during the third quarter. Larson Financial Group LLC now owns 99 shares of the company's stock worth $30,000 after buying an additional 96 shares during the last quarter. Finally, Bernard Wealth Management Corp. bought a new stake in shares of SiTime during the fourth quarter worth $41,000. Institutional investors and hedge funds own 84.31% of the company's stock.

Insider Activity

In other news, insider Piyush B. Sevalia sold 2,419 shares of the firm's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the completion of the transaction, the insider owned 84,250 shares of the company's stock, valued at approximately $40,781,212.50. This trade represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Akira Takata sold 3,500 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $431.73, for a total transaction of $1,511,055.00. Following the sale, the director owned 13,734 shares of the company's stock, valued at approximately $5,929,379.82. This trade represents a 20.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 26,178 shares of company stock valued at $11,282,324. 2.10% of the stock is currently owned by company insiders.

SiTime Stock Performance

SITM stock opened at $558.63 on Friday. The company has a fifty day moving average price of $406.34 and a 200-day moving average price of $361.44. The company has a market capitalization of $14.75 billion, a P/E ratio of -306.94 and a beta of 2.91. SiTime Corporation has a 52-week low of $158.63 and a 52-week high of $591.13.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.33. The firm had revenue of $113.29 million during the quarter, compared to the consensus estimate of $101.91 million. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The company's revenue for the quarter was up 66.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 earnings per share. As a group, sell-side analysts forecast that SiTime Corporation will post 1.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SITM. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of SiTime in a research note on Tuesday, April 21st. Barclays set a $400.00 target price on shares of SiTime in a research note on Thursday, February 5th. Stifel Nicolaus boosted their target price on shares of SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Wall Street Zen cut shares of SiTime from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Finally, Roth Mkm reaffirmed a "buy" rating and set a $450.00 target price on shares of SiTime in a research note on Thursday, February 5th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $415.63.

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.

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