JPMorgan Chase & Co. Sells 4,712 Shares of SiTime Corporation $SITM

JPMorgan Chase & Co. trimmed its holdings in SiTime Corporation (NASDAQ:SITM) by 11.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,528 shares of the company’s stock after selling 4,712 shares during the period. JPMorgan Chase & Co.’s holdings in SiTime were worth $11,308,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Hantz Financial Services Inc. raised its holdings in shares of SiTime by 190.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock valued at $27,000 after purchasing an additional 59 shares in the last quarter. Optiver Holding B.V. lifted its stake in shares of SiTime by 56.1% in the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after purchasing an additional 32 shares during the last quarter. Larson Financial Group LLC boosted its holdings in SiTime by 3,200.0% in the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after purchasing an additional 96 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in SiTime in the third quarter worth $47,000. Finally, Global Retirement Partners LLC increased its position in SiTime by 3,220.0% during the third quarter. Global Retirement Partners LLC now owns 166 shares of the company’s stock worth $50,000 after buying an additional 161 shares during the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Price Performance

Shares of SITM opened at $327.20 on Friday. The company has a market capitalization of $8.61 billion, a PE ratio of -179.78 and a beta of 2.53. SiTime Corporation has a one year low of $105.40 and a one year high of $446.95. The company’s fifty day moving average price is $374.88 and its 200 day moving average price is $335.35.

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 analysts’ consensus estimates of $1.20 by $0.33. The company had revenue of $113.29 million during the quarter, compared to analysts’ expectations of $101.91 million. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The business’s quarterly revenue was up 66.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.48 earnings per share. Analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current year.

Insider Activity

In other news, insider Piyush B. Sevalia sold 1,249 shares of the company’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $375.00, for a total transaction of $468,375.00. Following the completion of the transaction, the insider directly owned 87,916 shares in the company, valued at $32,968,500. The trade was a 1.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Fariborz Assaderaghi sold 4,984 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $406.45, for a total value of $2,025,746.80. Following the completion of the sale, the insider directly owned 89,194 shares of the company’s stock, valued at $36,252,901.30. This represents a 5.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 24,512 shares of company stock worth $10,319,832 over the last 90 days. Company insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

SITM has been the topic of several recent research reports. Raymond James Financial restated an “outperform” rating on shares of SiTime in a report on Tuesday, December 2nd. Needham & Company LLC increased their price objective on SiTime from $400.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Barclays set a $400.00 price objective on SiTime in a research note on Thursday, February 5th. Roth Mkm restated a “buy” rating and issued a $450.00 target price on shares of SiTime in a report on Thursday, February 5th. Finally, The Goldman Sachs Group began coverage on SiTime in a research report on Monday, December 15th. They set a “buy” rating and a $420.00 target price for the company. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $409.38.

About SiTime

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.