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

JPMorgan Chase & Co. cut its stake in SiTime Co. (NASDAQ:SITM - Free Report) by 38.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,365 shares of the company's stock after selling 13,553 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.09% of SiTime worth $3,664,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of SITM. Signaturefd LLC raised its holdings in SiTime by 67.4% in the 3rd quarter. Signaturefd LLC now owns 149 shares of the company's stock worth $26,000 after purchasing an additional 60 shares during the period. Van ECK Associates Corp purchased a new position in shares of SiTime during the 3rd quarter valued at approximately $123,000. GAMMA Investing LLC grew its stake in SiTime by 95.0% in the 3rd quarter. GAMMA Investing LLC now owns 743 shares of the company's stock valued at $127,000 after acquiring an additional 362 shares during the period. Sanctuary Advisors LLC purchased a new stake in SiTime in the 3rd quarter worth $166,000. Finally, Virtu Financial LLC acquired a new position in SiTime during the third quarter worth $204,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

SiTime Price Performance

SITM stock traded up $8.04 during trading on Friday, reaching $250.97. 123,881 shares of the stock were exchanged, compared to its average volume of 196,014. SiTime Co. has a 1 year low of $72.39 and a 1 year high of $268.18. The business has a 50 day moving average price of $224.50 and a 200-day moving average price of $179.61.

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

Analyst Ratings Changes

Several equities research analysts have commented on SITM shares. Roth Mkm boosted their price objective on SiTime from $205.00 to $230.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Barclays boosted their price target on SiTime from $130.00 to $160.00 and gave the stock an "underweight" rating in a research report on Friday. Needham & Company LLC raised their price objective on SiTime from $140.00 to $225.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Finally, Stifel Nicolaus raised their price target on shares of SiTime from $230.00 to $250.00 and gave the stock a "buy" rating in a research note on Monday, January 6th.

Insiders Place Their Bets

In other news, insider Fariborz Assaderaghi sold 1,002 shares of the company's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $220.94, for a total transaction of $221,381.88. Following the completion of the sale, the insider now owns 100,681 shares in the company, valued at $22,244,460.14. This represents a 0.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Samsheer Ahamad sold 4,000 shares of the firm's stock in a transaction on 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 of the company's stock, valued at $13,642,042.67. This trade represents a 4.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,931 shares of company stock worth $7,017,644 over the last 90 days. Corporate 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.