Jennison Associates LLC Raises Stock Position in SiTime Co. (NASDAQ:SITM)

Jennison Associates LLC grew its holdings in SiTime Co. (NASDAQ:SITM) by 19.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 173,770 shares of the company’s stock after purchasing an additional 28,739 shares during the quarter. Jennison Associates LLC’s holdings in SiTime were worth $21,214,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Amalgamated Bank raised its stake in shares of SiTime by 1.5% in the 3rd quarter. Amalgamated Bank now owns 7,606 shares of the company’s stock valued at $869,000 after acquiring an additional 113 shares during the period. Arizona State Retirement System increased its stake in SiTime by 2.5% during the 3rd quarter. Arizona State Retirement System now owns 4,687 shares of the company’s stock worth $535,000 after buying an additional 115 shares during the period. Oppenheimer Asset Management Inc. increased its stake in SiTime by 2.9% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 4,287 shares of the company’s stock worth $490,000 after buying an additional 120 shares during the period. Pathstone Family Office LLC increased its stake in SiTime by 5.9% during the 3rd quarter. Pathstone Family Office LLC now owns 2,410 shares of the company’s stock worth $275,000 after buying an additional 135 shares during the period. Finally, Cavalier Investments LLC increased its stake in SiTime by 3.5% during the 3rd quarter. Cavalier Investments LLC now owns 9,256 shares of the company’s stock worth $1,057,000 after buying an additional 314 shares during the period. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Stock Up 9.0 %

Shares of NASDAQ SITM opened at $83.07 on Friday. SiTime Co. has a 1-year low of $72.39 and a 1-year high of $141.99. The business’s fifty day moving average price is $89.29 and its two-hundred day moving average price is $105.68.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Tuesday, February 13th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.01). SiTime had a negative net margin of 55.93% and a negative return on equity of 10.21%. The firm had revenue of $42.40 million during the quarter, compared to the consensus estimate of $41.65 million. As a group, equities research analysts anticipate that SiTime Co. will post -2.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Stifel Nicolaus raised their price objective on shares of SiTime from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, January 2nd. Barclays raised their price objective on shares of SiTime from $110.00 to $130.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 16th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $142.00.

Insider Transactions at SiTime

In other SiTime news, insider Fariborz Assaderaghi sold 1,026 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $92.33, for a total transaction of $94,730.58. Following the completion of the transaction, the insider now owns 90,887 shares in the company, valued at approximately $8,391,596.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 3,340 shares of company stock worth $330,780. Company insiders own 2.30% of the company’s stock.

SiTime Company 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.