Fred Alger Management LLC Sells 30,472 Shares of SiTime Co. (NASDAQ:SITM)

Fred Alger Management LLC lowered its stake in SiTime Co. (NASDAQ:SITM) by 23.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,170 shares of the company’s stock after selling 30,472 shares during the quarter. Fred Alger Management LLC owned 0.44% of SiTime worth $17,523,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Signaturefd LLC grew its holdings in SiTime by 67.4% in the third quarter. Signaturefd LLC now owns 149 shares of the company’s stock worth $26,000 after purchasing an additional 60 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of SiTime by 59.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 236 shares of the company’s stock valued at $29,000 after buying an additional 88 shares during the period. GAMMA Investing LLC increased its position in SiTime by 281.0% in the 2nd quarter. GAMMA Investing LLC now owns 381 shares of the company’s stock valued at $47,000 after buying an additional 281 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in SiTime during the 2nd quarter worth approximately $49,000. Finally, Van ECK Associates Corp bought a new position in SiTime in the third quarter worth approximately $123,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

Analyst Ratings Changes

SITM has been the subject of several recent research reports. Barclays boosted their price objective on SiTime from $90.00 to $130.00 and gave the company an “underweight” rating in a report on Friday, November 8th. 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 report on Thursday, November 7th. Stifel Nicolaus raised their price objective on shares of SiTime from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Roth Mkm boosted their target price on shares of SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

Insiders Place Their Bets

In other news, insider Fariborz Assaderaghi sold 363 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $216.25, for a total value of $78,498.75. Following the transaction, the insider now owns 104,322 shares in the company, valued at $22,559,632.50. The trade was a 0.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Torsten Kreindl sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $220.86, for a total value of $1,325,160.00. Following the completion of the transaction, the director now directly owns 13,511 shares of the company’s stock, valued at approximately $2,984,039.46. This represents a 30.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,514 shares of company stock valued at $6,382,144. Corporate insiders own 2.30% of the company’s stock.

SiTime Trading Up 3.7 %

Shares of SiTime stock opened at $212.38 on Friday. The company has a market capitalization of $4.96 billion, a P/E ratio of -51.30 and a beta of 1.83. The stock has a fifty day simple moving average of $187.98 and a 200 day simple moving average of $152.93. SiTime Co. has a 12-month low of $72.39 and a 12-month high of $228.12.

SiTime (NASDAQ:SITM) 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. The firm had revenue of $57.70 million during the quarter, compared to analyst estimates of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. During the same quarter in the prior year, the business posted ($0.81) EPS. The business’s revenue was up 62.4% compared to the same quarter last year. On average, analysts predict that SiTime Co. will post -2.98 EPS for the current year.

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.