SiTime Co. (NASDAQ:SITM) Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC lessened its holdings in shares of SiTime Co. (NASDAQ:SITM) by 10.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 120,082 shares of the company’s stock after selling 14,701 shares during the quarter. Granite Investment Partners LLC owned about 0.53% of SiTime worth $14,936,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Norges Bank acquired a new stake in SiTime in the fourth quarter valued at approximately $12,662,000. Vanguard Group Inc. raised its holdings in SiTime by 4.1% in the first quarter. Vanguard Group Inc. now owns 2,203,286 shares of the company’s stock valued at $205,412,000 after acquiring an additional 85,800 shares in the last quarter. William Blair Investment Management LLC raised its holdings in SiTime by 62.0% in the second quarter. William Blair Investment Management LLC now owns 208,098 shares of the company’s stock valued at $25,883,000 after acquiring an additional 79,648 shares in the last quarter. F M Investments LLC acquired a new stake in SiTime in the second quarter valued at approximately $8,909,000. Finally, Roubaix Capital LLC acquired a new stake in SiTime in the first quarter valued at approximately $5,288,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

Insider Transactions at SiTime

In other news, insider Fariborz Assaderaghi sold 1,083 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $121.61, for a total transaction of $131,703.63. Following the transaction, the insider now directly owns 104,186 shares in the company, valued at $12,670,059.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Vincent P. Pangrazio sold 1,962 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $150.00, for a total transaction of $294,300.00. Following the transaction, the insider now directly owns 69,175 shares in the company, valued at $10,376,250. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,083 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $121.61, for a total transaction of $131,703.63. Following the transaction, the insider now owns 104,186 shares in the company, valued at $12,670,059.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,988 shares of company stock worth $7,166,828. Insiders own 2.30% of the company’s stock.

SiTime Trading Up 7.0 %

SITM stock opened at $167.91 on Friday. SiTime Co. has a twelve month low of $72.39 and a twelve month high of $170.71. The company’s 50 day moving average is $140.28 and its two-hundred day moving average is $118.38. The stock has a market cap of $3.88 billion, a P/E ratio of -40.66 and a beta of 1.82.

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $130.00 target price on shares of SiTime in a report on Tuesday, June 25th. Barclays cut shares of SiTime from an “equal weight” rating to an “underweight” rating and set a $90.00 price objective on the stock. in a report on Tuesday, August 27th. Finally, Stifel Nicolaus raised their price objective on shares of SiTime from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, July 18th.

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.