Raymond James Financial Inc. Takes Position in SiTime Co. (NASDAQ:SITM)

Raymond James Financial Inc. acquired a new position in shares of SiTime Co. (NASDAQ:SITM - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 34,086 shares of the company's stock, valued at approximately $7,312,000. Raymond James Financial Inc. owned 0.15% of SiTime at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SITM. Blue Trust Inc. raised its stake in SiTime by 44.7% during the fourth quarter. Blue Trust Inc. now owns 217 shares of the company's stock worth $47,000 after purchasing an additional 67 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in shares of SiTime during the 4th quarter worth $58,000. Smartleaf Asset Management LLC raised its position in shares of SiTime by 278.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 280 shares of the company's stock worth $60,000 after buying an additional 206 shares during the period. AlphaQuest LLC boosted its holdings in SiTime by 8,460.0% in the fourth quarter. AlphaQuest LLC now owns 428 shares of the company's stock valued at $92,000 after acquiring an additional 423 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in SiTime during the fourth quarter valued at about $130,000. 84.31% of the stock is owned by institutional investors and hedge funds.

SiTime Stock Up 2.7 %

Shares of NASDAQ SITM traded up $4.09 during trading on Friday, reaching $153.04. 178,872 shares of the stock were exchanged, compared to its average volume of 241,405. The business's 50-day moving average price is $154.53 and its 200 day moving average price is $190.58. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of -37.79 and a beta of 1.98. SiTime Co. has a twelve month low of $86.73 and a twelve month high of $268.18.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SITM. Raymond James reissued an "outperform" rating and set a $250.00 target price (up previously from $215.00) on shares of SiTime in a research report on Thursday, February 6th. Needham & Company LLC raised their target price on shares of SiTime from $225.00 to $250.00 and gave the company a "buy" rating in a research note on Thursday, February 6th. Barclays decreased their price target on shares of SiTime from $180.00 to $110.00 and set an "underweight" rating for the company in a research report on Tuesday. Finally, Stifel Nicolaus cut their price objective on SiTime from $270.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, SiTime currently has an average rating of "Moderate Buy" and an average price target of $204.00.

Insiders Place Their Bets

In other SiTime news, insider Fariborz Assaderaghi sold 1,003 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $204.42, for a total transaction of $205,033.26. Following the completion of the sale, the insider now owns 99,678 shares in the company, valued at $20,376,176.76. This trade represents a 1.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lionel Bonnot sold 3,501 shares of the company's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $174.25, for a total value of $610,049.25. Following the completion of the transaction, the insider now directly owns 87,940 shares in the company, valued at approximately $15,323,545. The trade was a 3.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,542 shares of company stock worth $978,713 in the last quarter. 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.