Granite Investment Partners LLC Cuts Stake in SiTime Co. (NASDAQ:SITM)

Granite Investment Partners LLC trimmed its position in shares of SiTime Co. (NASDAQ:SITM - Free Report) by 10.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund 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 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Pineridge Advisors LLC bought a new position in SiTime during the 4th quarter valued at about $25,000. Nisa Investment Advisors LLC lifted its stake in SiTime by 59.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 236 shares of the company's stock valued at $29,000 after acquiring an additional 88 shares during the period. Quadrant Capital Group LLC lifted its stake in SiTime by 78.2% during the 4th quarter. Quadrant Capital Group LLC now owns 335 shares of the company's stock valued at $41,000 after acquiring an additional 147 shares during the period. GAMMA Investing LLC lifted its stake in SiTime by 281.0% during the 2nd quarter. GAMMA Investing LLC now owns 381 shares of the company's stock valued at $47,000 after acquiring an additional 281 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in SiTime during the 2nd quarter valued at about $49,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

SiTime Price Performance

Shares of NASDAQ:SITM traded down $4.34 during trading on Friday, hitting $163.57. The company's stock had a trading volume of 382,017 shares, compared to its average volume of 212,064. The company has a 50-day moving average of $140.28 and a 200-day moving average of $118.38. SiTime Co. has a 12 month low of $72.39 and a 12 month high of $170.71. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of -40.66 and a beta of 1.82.

SiTime (NASDAQ:SITM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.08. SiTime had a negative net margin of 60.46% and a negative return on equity of 10.53%. The firm had revenue of $43.90 million for the quarter, compared to analysts' expectations of $41.01 million. During the same quarter in the prior year, the business earned ($1.17) EPS. The business's quarterly revenue was up 58.5% on a year-over-year basis. As a group, research analysts anticipate that SiTime Co. will post -3.03 earnings per share for the current year.

Insiders Place Their Bets

In other SiTime news, insider Piyush B. Sevalia sold 807 shares of the firm's stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $160.00, for a total transaction of $129,120.00. Following the sale, the insider now owns 87,534 shares in the company, valued at approximately $14,005,440. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other SiTime news, insider Piyush B. Sevalia sold 807 shares of the firm's stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $160.00, for a total transaction of $129,120.00. Following the sale, the insider now owns 87,534 shares in the company, valued at approximately $14,005,440. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Rajesh Vashist sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $170.07, for a total transaction of $3,401,400.00. Following the sale, the chief executive officer now owns 424,417 shares in the company, valued at approximately $72,180,599.19. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,988 shares of company stock worth $7,166,828. Company insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

SITM has been the topic of several research analyst reports. Stifel Nicolaus upped their target price on shares of SiTime from $150.00 to $175.00 and gave the company a "buy" rating in a research note on Thursday, July 18th. Barclays cut shares of SiTime from an "equal weight" rating to an "underweight" rating and set a $90.00 target price on the stock. in a research note on Tuesday, August 27th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $130.00 price objective on shares of SiTime in a research note on Tuesday, June 25th.

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.