Envestnet Asset Management Inc. Has $3.01 Million Stake in SiTime Corporation $SITM

Envestnet Asset Management Inc. lowered its holdings in SiTime Corporation (NASDAQ:SITM) by 16.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,973 shares of the company’s stock after selling 1,897 shares during the period. Envestnet Asset Management Inc.’s holdings in SiTime were worth $3,005,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Ariose Capital Management Ltd bought a new stake in shares of SiTime during the 3rd quarter worth approximately $2,974,000. Emerald Mutual Fund Advisers Trust raised its position in SiTime by 10.6% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 98,689 shares of the company’s stock valued at $29,736,000 after purchasing an additional 9,492 shares in the last quarter. Federated Hermes Inc. lifted its stake in SiTime by 25.0% during the third quarter. Federated Hermes Inc. now owns 125,000 shares of the company’s stock worth $37,664,000 after purchasing an additional 25,000 shares during the last quarter. Invesco Ltd. lifted its stake in SiTime by 4.8% during the second quarter. Invesco Ltd. now owns 1,019,140 shares of the company’s stock worth $217,158,000 after purchasing an additional 46,721 shares during the last quarter. Finally, Intech Investment Management LLC boosted its holdings in shares of SiTime by 241.3% in the 2nd quarter. Intech Investment Management LLC now owns 28,400 shares of the company’s stock valued at $6,051,000 after purchasing an additional 20,078 shares in the last quarter. 84.31% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Akira Takata sold 3,500 shares of SiTime stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $431.73, for a total value of $1,511,055.00. Following the transaction, the director directly owned 13,734 shares of the company’s stock, valued at $5,929,379.82. The trade was a 20.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Samsheer Ahamad sold 9,100 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $441.47, for a total value of $4,017,377.00. Following the completion of the sale, the insider owned 52,938 shares in the company, valued at $23,370,538.86. The trade was a 14.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 30,262 shares of company stock worth $11,822,327. 2.10% of the stock is owned by corporate insiders.

SiTime Price Performance

NASDAQ:SITM opened at $418.17 on Thursday. SiTime Corporation has a one year low of $105.40 and a one year high of $446.95. The firm’s 50 day simple moving average is $375.66 and its 200 day simple moving average is $315.89. The company has a market cap of $11.00 billion, a PE ratio of -229.76 and a beta of 2.51.

SiTime (NASDAQ:SITM) 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. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The firm had revenue of $113.29 million during the quarter, compared to the consensus estimate of $101.91 million. During the same quarter last year, the firm earned $0.48 earnings per share. The company’s revenue for the quarter was up 66.3% on a year-over-year basis. Equities research analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SITM. Wall Street Zen raised SiTime from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Raymond James Financial reissued an “outperform” rating on shares of SiTime in a research note on Tuesday, December 2nd. The Goldman Sachs Group initiated coverage on shares of SiTime in a report on Monday, December 15th. They issued a “buy” rating and a $420.00 target price for the company. Needham & Company LLC lifted their price target on shares of SiTime from $400.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Finally, Loop Capital initiated coverage on shares of SiTime in a research report on Friday, November 21st. They set a “buy” rating and a $350.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $409.38.

SiTime Profile

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.