Prudential Financial Inc. Purchases 10,580 Shares of SiTime Co. (NASDAQ:SITM)

Prudential Financial Inc. grew its holdings in SiTime Co. (NASDAQ:SITM) by 54.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 29,939 shares of the company’s stock after acquiring an additional 10,580 shares during the quarter. Prudential Financial Inc. owned 0.13% of SiTime worth $6,423,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SITM. Blue Trust Inc. boosted its holdings in SiTime by 44.7% in the 4th quarter. Blue Trust Inc. now owns 217 shares of the company’s stock valued at $47,000 after purchasing an additional 67 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of SiTime by 278.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 280 shares of the company’s stock valued at $60,000 after buying an additional 206 shares during the period. AlphaQuest LLC grew its position in SiTime by 8,460.0% during the fourth quarter. AlphaQuest LLC now owns 428 shares of the company’s stock worth $92,000 after buying an additional 423 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in SiTime during the 4th quarter worth $130,000. Finally, SBI Securities Co. Ltd. bought a new position in SiTime during the 4th quarter worth $140,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

SiTime Price Performance

NASDAQ SITM opened at $152.41 on Monday. SiTime Co. has a 1 year low of $72.39 and a 1 year high of $268.18. The stock has a market capitalization of $3.60 billion, a PE ratio of -37.63 and a beta of 1.85. The business’s 50-day moving average is $184.02 and its 200 day moving average is $195.75.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Needham & Company LLC increased their target price on SiTime from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Raymond James reiterated an “outperform” rating and set a $250.00 price target (up previously from $215.00) on shares of SiTime in a report on Thursday, February 6th. Barclays boosted their target price on SiTime from $130.00 to $160.00 and gave the stock an “underweight” rating in a research note on Friday, January 17th. Finally, Stifel Nicolaus raised their price objective on shares of SiTime from $250.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat, SiTime presently has an average rating of “Moderate Buy” and an average price target of $232.00.

Insider Activity at SiTime

In other news, insider Fariborz Assaderaghi sold 1,002 shares of the stock in a transaction 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 transaction, the insider now directly owns 100,681 shares of the company’s stock, valued at $22,244,460.14. This represents a 0.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Piyush B. Sevalia sold 1,038 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $157.64, for a total transaction of $163,630.32. Following the sale, the insider now owns 92,847 shares of the company’s stock, valued at $14,636,401.08. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,544 shares of company stock worth $1,200,095 over the last ninety days. 2.30% of the stock is owned by corporate insiders.

About SiTime

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.