Millrace Asset Group Inc. Has $1.31 Million Stake in SiTime Co. (NASDAQ:SITM)

Millrace Asset Group Inc. boosted its stake in SiTime Co. (NASDAQ:SITM) by 28.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 7,634 shares of the company’s stock after acquiring an additional 1,682 shares during the quarter. Millrace Asset Group Inc.’s holdings in SiTime were worth $1,309,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of SiTime by 1.1% in the 3rd quarter. FMR LLC now owns 3,469,843 shares of the company’s stock valued at $595,113,000 after purchasing an additional 39,119 shares during the period. Swedbank AB raised its position in SiTime by 21.7% in the 3rd quarter. Swedbank AB now owns 28,000 shares of the company’s stock valued at $4,802,000 after buying an additional 5,000 shares during the last quarter. Citigroup Inc. lifted its stake in SiTime by 65.9% in the 3rd quarter. Citigroup Inc. now owns 24,892 shares of the company’s stock valued at $4,269,000 after acquiring an additional 9,888 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in SiTime by 7.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 165,820 shares of the company’s stock worth $28,440,000 after acquiring an additional 11,955 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of SiTime during the 3rd quarter worth approximately $716,000. 84.31% of the stock is owned by institutional investors and hedge funds.

SiTime Trading Up 2.0 %

Shares of SITM opened at $215.27 on Tuesday. The company has a market cap of $5.03 billion, a price-to-earnings ratio of -52.00 and a beta of 1.83. The company’s fifty day simple moving average is $184.18 and its 200 day simple moving average is $150.97. SiTime Co. has a 1-year low of $72.39 and a 1-year high of $228.12.

SiTime (NASDAQ:SITM) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.14. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The company had revenue of $57.70 million for the quarter, compared to analyst estimates of $55.10 million. During the same period in the previous year, the business earned ($0.81) EPS. SiTime’s revenue for the quarter was up 62.4% compared to the same quarter last year. As a group, research analysts forecast that SiTime Co. will post -2.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

SITM has been the topic of a number of research reports. Roth Mkm boosted their price objective on shares of SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Stifel Nicolaus boosted their price target on shares of SiTime from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Needham & Company LLC raised their price objective on SiTime from $140.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Barclays lifted their target price on SiTime from $90.00 to $130.00 and gave the company an “underweight” rating in a research report on Friday, November 8th.

Insiders Place Their Bets

In other SiTime news, insider Fariborz Assaderaghi sold 1,083 shares of SiTime stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $139.05, for a total transaction of $150,591.15. Following the completion of the transaction, the insider now directly owns 112,584 shares of the company’s stock, valued at $15,654,805.20. The trade was a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Piyush B. Sevalia sold 807 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $160.00, for a total transaction of $129,120.00. Following the completion of the transaction, the insider now owns 87,534 shares in the company, valued at approximately $14,005,440. This represents a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,234 shares of company stock valued at $6,454,237 over the last 90 days. 2.30% of the stock is currently owned by insiders.

SiTime Company 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.