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

Granite Investment Partners LLC decreased its holdings in SiTime Co. (NASDAQ:SITM - Free Report) by 16.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 93,591 shares of the company's stock after selling 18,045 shares during the quarter. Granite Investment Partners LLC owned 0.40% of SiTime worth $20,078,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SITM. Mutual of America Capital Management LLC raised its stake in shares of SiTime by 1.7% during the 4th quarter. Mutual of America Capital Management LLC now owns 2,866 shares of the company's stock worth $615,000 after buying an additional 48 shares during the period. State of Alaska Department of Revenue lifted its holdings in SiTime by 0.5% during the fourth quarter. State of Alaska Department of Revenue now owns 10,755 shares of the company's stock valued at $2,307,000 after purchasing an additional 57 shares in the last quarter. Blue Trust Inc. grew its position in shares of SiTime by 44.7% in the fourth quarter. Blue Trust Inc. now owns 217 shares of the company's stock valued at $47,000 after purchasing an additional 67 shares during the period. Arizona State Retirement System increased its stake in shares of SiTime by 1.9% during the fourth quarter. Arizona State Retirement System now owns 5,368 shares of the company's stock worth $1,152,000 after purchasing an additional 99 shares in the last quarter. Finally, New York State Teachers Retirement System raised its position in shares of SiTime by 0.4% during the 4th quarter. New York State Teachers Retirement System now owns 23,700 shares of the company's stock worth $5,084,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 84.31% of the company's stock.

Insiders Place Their Bets

In other SiTime news, insider Fariborz Assaderaghi sold 1,003 shares of the firm's stock in a transaction 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 of the company's stock, valued at $20,376,176.76. This trade represents a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Piyush B. Sevalia sold 1,038 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $157.64, for a total value of $163,630.32. Following the completion of the transaction, the insider now directly owns 92,847 shares in the company, valued at approximately $14,636,401.08. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,542 shares of company stock valued at $978,713 over the last ninety days. Company insiders own 2.30% of the company's stock.

SiTime Stock Performance

Shares of NASDAQ SITM traded down $0.31 during trading on Friday, hitting $129.47. 194,781 shares of the company were exchanged, compared to its average volume of 241,068. The company has a fifty day moving average price of $158.86 and a 200-day moving average price of $192.16. The firm has a market capitalization of $3.06 billion, a PE ratio of -31.97 and a beta of 1.98. SiTime Co. has a 12-month low of $72.39 and a 12-month high of $268.18.

Analyst Upgrades and Downgrades

SITM has been the subject of several research reports. Barclays boosted their price objective on SiTime from $130.00 to $160.00 and gave the stock an "underweight" rating in a research note on Friday, January 17th. Raymond James reissued an "outperform" rating and issued a $250.00 price objective (up from $215.00) on shares of SiTime in a research note on Thursday, February 6th. Needham & Company LLC lifted their target price on shares of SiTime from $225.00 to $250.00 and gave the stock a "buy" rating in a research note on Thursday, February 6th. Finally, Stifel Nicolaus decreased their price target on shares of SiTime from $270.00 to $180.00 and set a "buy" rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $214.00.

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.