JPMorgan Chase & Co. Decreases Position in SiTime Co. (NASDAQ:SITM)

JPMorgan Chase & Co. trimmed its holdings in SiTime Co. (NASDAQ:SITM) by 38.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,365 shares of the company’s stock after selling 13,553 shares during the quarter. JPMorgan Chase & Co. owned about 0.09% of SiTime worth $3,664,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Signaturefd LLC raised its stake in SiTime by 67.4% during the 3rd quarter. Signaturefd LLC now owns 149 shares of the company’s stock worth $26,000 after acquiring an additional 60 shares in the last quarter. Van ECK Associates Corp purchased a new position in SiTime during the 3rd quarter worth approximately $123,000. GAMMA Investing LLC increased its position in SiTime by 95.0% during the third quarter. GAMMA Investing LLC now owns 743 shares of the company’s stock worth $127,000 after buying an additional 362 shares during the period. Sanctuary Advisors LLC purchased a new stake in SiTime in the third quarter valued at approximately $166,000. Finally, Virtu Financial LLC acquired a new stake in shares of SiTime in the third quarter valued at approximately $204,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

SiTime Stock Performance

SiTime stock opened at $250.97 on Friday. The company has a market cap of $5.86 billion, a P/E ratio of -60.62 and a beta of 1.82. SiTime Co. has a one year low of $72.39 and a one year high of $268.18. The business has a fifty day moving average of $224.50 and a two-hundred day moving average of $179.61.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.14. The company had revenue of $57.70 million during the quarter, compared to the consensus estimate of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The company’s revenue for the quarter was up 62.4% on a year-over-year basis. During the same period last year, the firm earned ($0.81) EPS. Sell-side analysts predict that SiTime Co. will post -2.98 EPS for the current year.

Insider Buying and Selling

In other news, CEO Rajesh Vashist sold 12,000 shares of SiTime stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $259.25, for a total transaction of $3,111,000.00. Following the completion of the transaction, the chief executive officer now owns 24,781 shares of the company’s stock, valued at $6,424,474.25. The trade was a 32.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Samsheer Ahamad sold 4,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $172.73, for a total transaction of $690,920.00. Following the completion of the sale, the insider now owns 78,979 shares in the company, valued at $13,642,042.67. This represents a 4.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,931 shares of company stock valued at $7,017,644. 2.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SITM. Stifel Nicolaus increased their price objective on SiTime from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Barclays lifted their price objective on shares of SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research report on Friday. Needham & Company LLC upped their price objective on shares of SiTime from $140.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Roth Mkm lifted their target price on shares of SiTime from $205.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

SiTime 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.