Allspring Global Investments Holdings LLC Sells 73,905 Shares of SiTime Co. (NASDAQ:SITM)

Allspring Global Investments Holdings LLC trimmed its stake in shares of SiTime Co. (NASDAQ:SITM - Free Report) by 41.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,261 shares of the company's stock after selling 73,905 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.47% of SiTime worth $12,728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in SITM. Raymond James Financial Services Advisors Inc. raised its position in shares of SiTime by 87.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 6,084 shares of the company's stock worth $1,508,000 after acquiring an additional 2,844 shares during the last quarter. US Bancorp DE raised its position in shares of SiTime by 94.4% during the first quarter. US Bancorp DE now owns 933 shares of the company's stock worth $231,000 after acquiring an additional 453 shares during the last quarter. Private Advisor Group LLC bought a new position in shares of SiTime during the first quarter worth about $290,000. PNC Financial Services Group Inc. raised its position in shares of SiTime by 191.2% during the first quarter. PNC Financial Services Group Inc. now owns 1,095 shares of the company's stock worth $270,000 after acquiring an additional 719 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of SiTime by 2,115.2% during the first quarter. Bank of Montreal Can now owns 23,370 shares of the company's stock worth $6,100,000 after acquiring an additional 22,315 shares during the last quarter. 84.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SITM. Barclays raised their price objective on SiTime from $110.00 to $130.00 and gave the stock an "equal weight" rating in a research report on Tuesday, January 16th. Stifel Nicolaus lifted their target price on SiTime from $135.00 to $150.00 and gave the stock a "buy" rating in a report on Tuesday, January 2nd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $142.00.

SiTime Trading Up 0.2 %

SITM stock traded up $0.17 during mid-day trading on Tuesday, reaching $78.68. The company's stock had a trading volume of 141,935 shares, compared to its average volume of 208,733. The company has a market cap of $1.79 billion, a price-to-earnings ratio of -21.67 and a beta of 1.78. The business's 50 day moving average price is $95.62 and its 200 day moving average price is $107.65. SiTime Co. has a 12 month low of $76.69 and a 12 month high of $141.99.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings data on Tuesday, February 13th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.01). The firm had revenue of $42.40 million for the quarter, compared to the consensus estimate of $41.65 million. SiTime had a negative net margin of 55.93% and a negative return on equity of 10.21%. As a group, equities analysts expect that SiTime Co. will post -2.3 EPS for the current fiscal year.

Insider Activity

In other news, insider Fariborz Assaderaghi sold 1,288 shares of the business's stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $90.57, for a total transaction of $116,654.16. Following the completion of the sale, the insider now owns 111,491 shares in the company, valued at $10,097,739.87. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Fariborz Assaderaghi sold 1,288 shares of the business's stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $90.57, for a total transaction of $116,654.16. Following the completion of the sale, the insider now owns 111,491 shares in the company, valued at $10,097,739.87. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Rajesh Vashist sold 1,000 shares of the business's stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $125.00, for a total value of $125,000.00. Following the sale, the chief executive officer now owns 428,655 shares of the company's stock, valued at approximately $53,581,875. The disclosure for this sale can be found here. Insiders sold a total of 4,340 shares of company stock worth $455,780 over the last quarter. 1.60% of the stock is currently owned by corporate insiders.

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.