Fred Alger Management LLC Has $18.94 Million Holdings in SiTime Co. (NASDAQ:SITM)

Fred Alger Management LLC lowered its position in shares of SiTime Co. (NASDAQ:SITM - Free Report) by 13.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 88,305 shares of the company's stock after selling 13,865 shares during the period. Fred Alger Management LLC owned about 0.38% of SiTime worth $18,944,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Barclays PLC increased its stake in SiTime by 80.7% in the 3rd quarter. Barclays PLC now owns 37,982 shares of the company's stock valued at $6,515,000 after purchasing an additional 16,964 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in SiTime by 278.4% during 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 in the last quarter. Baader Bank Aktiengesellschaft purchased a new position in SiTime in the fourth quarter valued at about $538,000. Proficio Capital Partners LLC acquired a new stake in SiTime during the fourth quarter valued at approximately $4,418,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of SiTime by 15.4% in the 3rd quarter. Principal Financial Group Inc. now owns 448,930 shares of the company's stock valued at $76,996,000 after buying an additional 59,931 shares during the period. 84.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SITM. Raymond James reaffirmed 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 price target on SiTime from $110.00 to $135.00 and gave the stock an "underweight" rating in a research report on Thursday. Needham & Company LLC increased their target price on shares of SiTime from $225.00 to $250.00 and gave the company a "buy" rating in a research report on Thursday, February 6th. Finally, Stifel Nicolaus increased their target price on shares of SiTime from $180.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat.com, SiTime currently has a consensus rating of "Moderate Buy" and a consensus target price of $215.00.

Insider Buying and Selling

In related news, insider Fariborz Assaderaghi sold 1,267 shares of the company's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $147.80, for a total transaction of $187,262.60. Following the completion of the transaction, the insider now directly owns 113,584 shares in the company, valued at $16,787,715.20. This represents a 1.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Lionel Bonnot sold 3,501 shares of the firm's stock in a transaction on Monday, February 24th. The stock was 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 of the company's stock, valued at approximately $15,323,545. This trade represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 7,074 shares of company stock valued at $1,195,421. Company insiders own 2.10% of the company's stock.

SiTime Stock Up 7.7%

Shares of SiTime stock traded up $14.62 during midday trading on Monday, hitting $204.63. The company's stock had a trading volume of 342,768 shares, compared to its average volume of 242,471. SiTime Co. has a 1-year low of $105.40 and a 1-year high of $268.18. The stock has a 50-day simple moving average of $154.37 and a 200-day simple moving average of $189.60. The firm has a market capitalization of $4.85 billion, a P/E ratio of -50.53 and a beta of 2.24.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.15. SiTime had a negative return on equity of 10.12% and a negative net margin of 46.18%. The business had revenue of $60.31 million during the quarter, compared to analyst estimates of $54.01 million. During the same period in the previous year, the company earned ($0.08) EPS. The firm's revenue was up 82.7% on a year-over-year basis. As a group, sell-side analysts predict that SiTime Co. will post -2.44 earnings per share for the current year.

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.