Envestnet Asset Management Inc. Sells 3,483 Shares of SiTime Corporation $SITM

Envestnet Asset Management Inc. reduced its holdings in SiTime Corporation (NASDAQ:SITM) by 22.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,870 shares of the company’s stock after selling 3,483 shares during the quarter. Envestnet Asset Management Inc. owned about 0.05% of SiTime worth $2,529,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SITM. Alliancebernstein L.P. grew its holdings in shares of SiTime by 2,016.8% during the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock valued at $67,756,000 after buying an additional 422,288 shares during the last quarter. Eventide Asset Management LLC increased its position in SiTime by 5,015.9% in the first quarter. Eventide Asset Management LLC now owns 166,214 shares of the company’s stock worth $25,408,000 after buying an additional 162,965 shares during the last quarter. Neuberger Berman Group LLC raised its stake in SiTime by 360.8% in the 1st quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company’s stock valued at $20,670,000 after acquiring an additional 105,868 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of SiTime by 17.0% during the 1st quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company’s stock valued at $92,233,000 after buying an additional 87,598 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of SiTime by 41.9% in the first quarter. Wellington Management Group LLP now owns 277,590 shares of the company’s stock worth $42,435,000 after acquiring an additional 82,017 shares during the period. Institutional investors and hedge funds own 84.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SITM. Roth Capital reissued a “buy” rating and set a $350.00 price objective on shares of SiTime in a research note on Thursday, November 6th. Needham & Company LLC upped their price target on shares of SiTime from $250.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Barclays raised their target price on shares of SiTime from $220.00 to $260.00 and gave the stock an “underweight” rating in a report on Thursday, November 6th. Stifel Nicolaus set a $360.00 price objective on SiTime in a report on Thursday, November 6th. Finally, UBS Group boosted their price target on shares of SiTime from $355.00 to $375.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Five investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $329.17.

SiTime Stock Down 2.1%

Shares of NASDAQ:SITM opened at $282.58 on Monday. The firm’s 50 day moving average price is $289.43 and its 200-day moving average price is $237.26. The stock has a market capitalization of $7.38 billion, a PE ratio of -95.47 and a beta of 2.36. SiTime Corporation has a twelve month low of $105.40 and a twelve month high of $386.00.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.16. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The business had revenue of $83.57 million for the quarter, compared to the consensus estimate of $78.08 million. During the same quarter in the previous year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was up 44.8% on a year-over-year basis. Analysts expect that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Piyush B. Sevalia sold 2,056 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $251.50, for a total transaction of $517,084.00. Following the transaction, the insider owned 78,757 shares of the company’s stock, valued at approximately $19,807,385.50. This represents a 2.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Rajesh Vashist sold 10,000 shares of the business’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $329.00, for a total transaction of $3,290,000.00. Following the completion of the sale, the chief executive officer directly owned 439,208 shares of the company’s stock, valued at approximately $144,499,432. This trade represents a 2.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 44,867 shares of company stock valued at $12,458,213. 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.