Envestnet Asset Management Inc. Has $2.40 Million Holdings in SiTime Co. (NASDAQ:SITM)

Envestnet Asset Management Inc. raised its stake in SiTime Co. (NASDAQ:SITMGet Rating) by 10.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,713 shares of the company’s stock after acquiring an additional 1,431 shares during the quarter. Envestnet Asset Management Inc. owned about 0.07% of SiTime worth $2,399,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SITM. Meeder Asset Management Inc. acquired a new stake in SiTime in the 1st quarter valued at about $41,000. Nisa Investment Advisors LLC acquired a new stake in SiTime in the 1st quarter valued at about $78,000. Covestor Ltd increased its position in SiTime by 14,500.0% in the 1st quarter. Covestor Ltd now owns 438 shares of the company’s stock valued at $109,000 after acquiring an additional 435 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in SiTime in the 1st quarter valued at about $129,000. Finally, KBC Group NV acquired a new stake in shares of SiTime during the 1st quarter worth approximately $150,000. Institutional investors and hedge funds own 72.84% of the company’s stock.

SiTime Price Performance

SiTime stock opened at $102.80 on Friday. The company’s 50 day simple moving average is $87.60 and its 200 day simple moving average is $137.45. SiTime Co. has a fifty-two week low of $73.10 and a fifty-two week high of $341.77. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 51.40, a PEG ratio of 7.14 and a beta of 1.90.

Insider Buying and Selling

In related news, insider Lionel Bonnot sold 399 shares of SiTime stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $87.00, for a total transaction of $34,713.00. Following the transaction, the insider now owns 104,510 shares of the company’s stock, valued at approximately $9,092,370. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other SiTime news, insider Lionel Bonnot sold 399 shares of SiTime stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $87.00, for a total value of $34,713.00. Following the transaction, the insider now owns 104,510 shares of the company’s stock, valued at $9,092,370. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Fariborz Assaderaghi sold 468 shares of SiTime stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $113.00, for a total transaction of $52,884.00. Following the completion of the transaction, the insider now directly owns 116,685 shares in the company, valued at approximately $13,185,405. The disclosure for this sale can be found here. Insiders have sold 2,026 shares of company stock valued at $203,497 in the last 90 days. 1.16% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SITM. Barclays lowered their price target on shares of SiTime from $130.00 to $96.00 and set an “overweight” rating for the company in a research report on Thursday, November 3rd. Needham & Company LLC lowered their price target on shares of SiTime from $125.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, November 3rd. Raymond James lowered their price target on shares of SiTime from $240.00 to $120.00 and set an “outperform” rating for the company in a research report on Thursday, November 3rd. Finally, Credit Suisse Group began coverage on shares of SiTime in a research report on Tuesday. They set an “outperform” rating and a $135.00 price target for the company. Four equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $116.50.

About SiTime

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SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. Its solutions have applications in various markets, including communications and enterprise, automotive, industrial, Internet of Things, mobile, consumer, and aerospace and defense.

Further Reading

Institutional Ownership by Quarter for SiTime (NASDAQ:SITM)

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