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

Allspring Global Investments Holdings LLC lowered its stake in SiTime Co. (NASDAQ:SITM) by 41.5% in the 4th quarter, Holdings Channel reports. The firm owned 104,261 shares of the company’s stock after selling 73,905 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in SiTime were worth $12,728,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SITM. International Assets Investment Management LLC grew its stake in SiTime by 12,108.0% during the fourth quarter. International Assets Investment Management LLC now owns 12,208 shares of the company’s stock valued at $1,490,000 after acquiring an additional 12,108 shares in the last quarter. Oak Ridge Investments LLC grew its position in shares of SiTime by 63.7% during the 4th quarter. Oak Ridge Investments LLC now owns 23,196 shares of the company’s stock valued at $2,832,000 after purchasing an additional 9,026 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in shares of SiTime by 100.6% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 5,729 shares of the company’s stock valued at $699,000 after purchasing an additional 2,873 shares in the last quarter. Legato Capital Management LLC bought a new position in shares of SiTime in the fourth quarter worth $237,000. Finally, Vanguard Group Inc. raised its position in shares of SiTime by 2.9% in the third quarter. Vanguard Group Inc. now owns 2,066,610 shares of the company’s stock worth $236,110,000 after buying an additional 58,629 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Price Performance

Shares of NASDAQ SITM opened at $78.51 on Tuesday. The stock’s 50-day moving average is $95.62 and its 200 day moving average is $107.65. SiTime Co. has a 1-year low of $77.58 and a 1-year high of $141.99.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Tuesday, February 13th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.01). SiTime had a negative return on equity of 10.21% and a negative net margin of 55.93%. The business had revenue of $42.40 million for the quarter, compared to analysts’ expectations of $41.65 million. Equities research analysts expect that SiTime Co. will post -2.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SITM shares. Stifel Nicolaus upped their target price on SiTime from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, January 2nd. Barclays raised their target price on shares of SiTime from $110.00 to $130.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 16th. 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $142.00.

Insider Buying and Selling at SiTime

In other news, CEO Rajesh Vashist sold 1,000 shares of SiTime stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $125.00, for a total value of $125,000.00. Following the transaction, the chief executive officer now owns 428,655 shares in the company, valued at $53,581,875. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Rajesh Vashist sold 1,000 shares of SiTime stock in a transaction 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 transaction, the chief executive officer now directly owns 428,655 shares of the company’s stock, valued at $53,581,875. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Fariborz Assaderaghi sold 1,026 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $116.37, for a total transaction of $119,395.62. Following the sale, the insider now owns 94,056 shares of the company’s stock, valued at $10,945,296.72. 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 three months. Company insiders own 1.60% of the company’s stock.

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.