Edgestream Partners L.P. Makes New $1.30 Million Investment in SiTime Corporation (NASDAQ:SITM)

Edgestream Partners L.P. acquired a new position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,511 shares of the company's stock, valued at approximately $1,301,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Peregrine Investment Management Inc. boosted its holdings in SiTime by 45.8% in the 1st quarter. Peregrine Investment Management Inc. now owns 52,870 shares of the company's stock worth $8,082,000 after buying an additional 16,610 shares during the period. CWM LLC boosted its stake in SiTime by 69.0% during the first quarter. CWM LLC now owns 453 shares of the company's stock worth $69,000 after acquiring an additional 185 shares in the last quarter. Emerald Advisers LLC raised its holdings in SiTime by 32.6% in the first quarter. Emerald Advisers LLC now owns 115,433 shares of the company's stock worth $17,646,000 after buying an additional 28,393 shares during the last quarter. Emerald Mutual Fund Advisers Trust raised its holdings in shares of SiTime by 26.8% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 48,461 shares of the company's stock valued at $7,408,000 after purchasing an additional 10,242 shares during the last quarter. Finally, Xponance Inc. increased its holdings in SiTime by 7.2% during the first quarter. Xponance Inc. now owns 1,419 shares of the company's stock valued at $217,000 after buying an additional 95 shares during the last quarter. Institutional investors and hedge funds own 84.31% of the company's stock.

SiTime Stock Performance

Shares of SiTime stock traded up $6.18 on Friday, reaching $215.40. The company had a trading volume of 267,922 shares, compared to its average volume of 264,814. The firm's 50 day moving average price is $209.37 and its two-hundred day moving average price is $188.31. The firm has a market cap of $5.11 billion, a PE ratio of -56.68 and a beta of 2.20. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $268.18.

SiTime (NASDAQ:SITM - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.11 by $0.15. The business had revenue of $60.31 million during the quarter, compared to analysts' expectations of $54.01 million. SiTime had a negative net margin of 38.60% and a negative return on equity of 9.43%. The business's revenue was up 82.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.08) earnings per share. As a group, sell-side analysts predict that SiTime Corporation will post -2.44 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SITM shares. Stifel Nicolaus lifted their price objective on shares of SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a research note on Friday. Barclays upped their price target on shares of SiTime from $135.00 to $180.00 and gave the stock an "underweight" rating in a research report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, SiTime has an average rating of "Moderate Buy" and a consensus price target of $228.00.

Insider Activity

In related news, insider Piyush B. Sevalia sold 1,039 shares of SiTime stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $220.00, for a total transaction of $228,580.00. Following the sale, the insider owned 85,516 shares of the company's stock, valued at $18,813,520. The trade was a 1.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Lionel Bonnot sold 1,991 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $201.36, for a total transaction of $400,907.76. Following the transaction, the insider directly owned 82,579 shares of the company's stock, valued at approximately $16,628,107.44. This represents a 2.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 63,818 shares of company stock valued at $13,171,258 in the last 90 days. Insiders own 2.10% of the company's stock.

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.