Envestnet Asset Management Inc. Sells 1,958 Shares of SiTime Co. (NASDAQ:SITM)

Envestnet Asset Management Inc. trimmed its stake in shares of SiTime Co. (NASDAQ:SITM) by 9.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,945 shares of the company’s stock after selling 1,958 shares during the quarter. Envestnet Asset Management Inc. owned 0.08% of SiTime worth $2,232,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. William Blair Investment Management LLC grew its holdings in SiTime by 62.0% during the 2nd quarter. William Blair Investment Management LLC now owns 208,098 shares of the company’s stock valued at $25,883,000 after buying an additional 79,648 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in SiTime during the second quarter valued at approximately $1,841,000. Los Angeles Capital Management LLC bought a new stake in SiTime during the 2nd quarter worth approximately $647,000. Arizona State Retirement System lifted its stake in SiTime by 10.7% in the 2nd quarter. Arizona State Retirement System now owns 5,122 shares of the company’s stock worth $637,000 after purchasing an additional 493 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in SiTime by 1.5% in the 2nd quarter. Rhumbline Advisers now owns 51,019 shares of the company’s stock valued at $6,346,000 after purchasing an additional 745 shares during the period. 84.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other SiTime news, insider Fariborz Assaderaghi sold 1,003 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $165.13, for a total value of $165,625.39. Following the completion of the sale, the insider now owns 110,578 shares of the company’s stock, valued at $18,259,745.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Fariborz Assaderaghi sold 1,003 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $165.13, for a total value of $165,625.39. Following the completion of the sale, the insider now owns 110,578 shares of the company’s stock, valued at approximately $18,259,745.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lionel Bonnot sold 3,203 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $140.26, for a total transaction of $449,252.78. Following the transaction, the insider now directly owns 86,838 shares in the company, valued at approximately $12,179,897.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,246 shares of company stock worth $7,441,590 in the last quarter. 2.30% of the stock is owned by insiders.

SiTime Stock Performance

SiTime stock opened at $179.39 on Friday. SiTime Co. has a fifty-two week low of $72.39 and a fifty-two week high of $182.45. The firm’s fifty day moving average price is $144.34 and its 200-day moving average price is $124.69. The stock has a market cap of $4.15 billion, a P/E ratio of -43.44 and a beta of 1.82.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.08. SiTime had a negative return on equity of 10.53% and a negative net margin of 60.46%. The business had revenue of $43.90 million for the quarter, compared to the consensus estimate of $41.01 million. During the same quarter last year, the business posted ($1.17) earnings per share. The company’s revenue for the quarter was up 58.5% on a year-over-year basis. On average, analysts predict that SiTime Co. will post -3.03 earnings per share for the current year.

Wall Street Analyst Weigh In

SITM has been the topic of several research analyst reports. Barclays cut shares of SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price target on the stock. in a report on Tuesday, August 27th. Needham & Company LLC restated a “buy” rating and issued a $130.00 target price on shares of SiTime in a research note on Tuesday, June 25th. Finally, Stifel Nicolaus lifted their price target on SiTime from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, July 18th.

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.