JPMorgan Chase & Co. Has $11.31 Million Position in SiTime Corporation $SITM

JPMorgan Chase & Co. lessened its position in SiTime Corporation (NASDAQ:SITM) by 11.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,528 shares of the company’s stock after selling 4,712 shares during the period. JPMorgan Chase & Co. owned about 0.14% of SiTime worth $11,308,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Royal Bank of Canada grew its holdings in SiTime by 12.5% during the first quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock worth $675,000 after purchasing an additional 491 shares during the period. Advisors Asset Management Inc. boosted its stake in shares of SiTime by 33.6% during the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after acquiring an additional 88 shares during the period. AQR Capital Management LLC increased its holdings in shares of SiTime by 310.8% during the 1st quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock worth $1,557,000 after acquiring an additional 8,136 shares during the last quarter. Intech Investment Management LLC increased its holdings in shares of SiTime by 21.6% during the 1st quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock worth $1,272,000 after acquiring an additional 1,477 shares during the last quarter. Finally, Amalgamated Bank raised its stake in SiTime by 8.5% in the 2nd quarter. Amalgamated Bank now owns 5,872 shares of the company’s stock valued at $1,251,000 after acquiring an additional 460 shares during the period. 84.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SITM has been the topic of several research reports. UBS Group upped their price objective on shares of SiTime from $430.00 to $485.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Stifel Nicolaus set a $450.00 target price on shares of SiTime in a report on Thursday, February 5th. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Roth Mkm restated a “buy” rating and set a $450.00 price objective on shares of SiTime in a research report on Thursday, February 5th. Finally, Raymond James Financial restated an “outperform” rating on shares of SiTime in a report on Tuesday, December 2nd. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $409.38.

SiTime Stock Down 7.1%

Shares of SiTime stock opened at $356.09 on Friday. The stock has a market capitalization of $9.37 billion, a price-to-earnings ratio of -195.65 and a beta of 2.53. SiTime Corporation has a twelve month low of $105.40 and a twelve month high of $446.95. The company has a 50-day simple moving average of $378.53 and a two-hundred day simple moving average of $322.70.

SiTime (NASDAQ:SITM) last announced its earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $101.91 million. During the same quarter in the prior year, the business posted $0.48 EPS. The business’s revenue was up 66.3% compared to the same quarter last year. On average, sell-side analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Rajesh Vashist sold 2,000 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $369.20, for a total transaction of $738,400.00. Following the sale, the chief executive officer directly owned 431,609 shares of the company’s stock, valued at approximately $159,350,042.80. This represents a 0.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Akira Takata sold 3,500 shares of the business’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $431.73, for a total value of $1,511,055.00. Following the completion of the transaction, the director directly owned 13,734 shares of the company’s stock, valued at approximately $5,929,379.82. This trade represents a 20.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 23,263 shares of company stock worth $9,851,457. 2.10% of the stock is currently owned by insiders.

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.