Envestnet Asset Management Inc. Boosts Position in SiTime Co. (NASDAQ:SITM)

Envestnet Asset Management Inc. boosted its holdings in SiTime Co. (NASDAQ:SITM) by 22.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 11,688 shares of the company’s stock after buying an additional 2,120 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of SiTime worth $1,480,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Franklin Resources Inc. raised its stake in shares of SiTime by 160.3% during the first quarter. Franklin Resources Inc. now owns 1,464,466 shares of the company’s stock valued at $144,396,000 after purchasing an additional 901,966 shares during the period. BlackRock Inc. raised its stake in shares of SiTime by 17.0% during the first quarter. BlackRock Inc. now owns 883,322 shares of the company’s stock valued at $87,096,000 after purchasing an additional 128,293 shares during the period. Trigran Investments Inc. raised its stake in shares of SiTime by 53.3% during the first quarter. Trigran Investments Inc. now owns 424,312 shares of the company’s stock valued at $41,837,000 after purchasing an additional 147,491 shares during the period. Principal Financial Group Inc. raised its stake in shares of SiTime by 2.8% during the first quarter. Principal Financial Group Inc. now owns 344,976 shares of the company’s stock valued at $34,015,000 after purchasing an additional 9,296 shares during the period. Finally, Waddell & Reed Financial Inc. grew its position in shares of SiTime by 34.3% during the first quarter. Waddell & Reed Financial Inc. now owns 338,883 shares of the company’s stock worth $33,414,000 after buying an additional 86,574 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

In related news, EVP Piyush B. Sevalia sold 2,307 shares of SiTime stock in a transaction dated Thursday, July 1st. The shares were sold at an average price of $124.03, for a total transaction of $286,137.21. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Arthur D. Chadwick sold 4,889 shares of SiTime stock in a transaction dated Monday, August 23rd. The shares were sold at an average price of $203.08, for a total transaction of $992,858.12. Following the sale, the chief financial officer now owns 88,992 shares in the company, valued at $18,072,495.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,650 shares of company stock valued at $14,935,698. Corporate insiders own 0.80% of the company’s stock.

Shares of SITM opened at $218.16 on Tuesday. SiTime Co. has a 1 year low of $70.31 and a 1 year high of $232.27. The company has a market cap of $4.16 billion, a price-to-earnings ratio of -5,454.00, a price-to-earnings-growth ratio of 17.41 and a beta of 0.62. The firm has a fifty day moving average of $181.29 and a 200-day moving average of $130.83.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, August 4th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.23. SiTime had a negative net margin of 0.14% and a negative return on equity of 0.11%. The company had revenue of $44.50 million during the quarter, compared to the consensus estimate of $40.04 million. The company’s revenue for the quarter was up 107.0% on a year-over-year basis. On average, equities analysts expect that SiTime Co. will post 0.87 EPS for the current fiscal year.

A number of research firms have recently weighed in on SITM. Roth Capital raised their price target on shares of SiTime from $200.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, September 1st. Needham & Company LLC raised their price target on shares of SiTime from $125.00 to $180.00 and gave the stock a “buy” rating in a research report on Thursday, August 5th. Barclays raised their price target on shares of SiTime from $175.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 14th. Credit Suisse Group began coverage on shares of SiTime in a research report on Monday, August 30th. They set an “outperform” rating and a $225.00 price target for the company. Finally, Zacks Investment Research raised shares of SiTime from a “hold” rating to a “strong-buy” rating and set a $236.00 price objective for the company in a report on Thursday, August 12th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, SiTime presently has an average rating of “Buy” and a consensus target price of $221.00.

SiTime Profile

SiTime Corporation provides silicon timing systems in Taiwan, Hong Kong, the United States, and internationally. It provides resonators and clock integrated circuits, and various types of oscillators. The company's solutions are used in various markets, including enterprise and telecommunications infrastructure, automotive, industrial, Internet of Things, mobile, and aerospace and defense.

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Institutional Ownership by Quarter for SiTime (NASDAQ:SITM)

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