Forge First Asset Management Inc. Makes New Investment in SiTime Corporation (NASDAQ:SITM)

Key Points

• Forge First Asset Management Inc. has acquired a new position in SiTime Corporation, purchasing 27,700 shares valued at approximately $4.225 million, which constitutes 1.8% of its portfolio.
• Barclays and Stifel Nicolaus have differing outlooks on SiTime shares, with Barclays raising its target price to $180 with an "underweight" rating, while Stifel Nicolaus increased its target to $230 and maintained a "buy" rating.
• Insider trading activity included significant sales by insiders, with one selling 1,039 shares for over $228,000, reflecting a 1.20% decrease in their positions.

Forge First Asset Management Inc. purchased a new stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 27,700 shares of the company's stock, valued at approximately $4,225,000. SiTime comprises 1.8% of Forge First Asset Management Inc.'s holdings, making the stock its 19th biggest holding. Forge First Asset Management Inc. owned approximately 0.12% of SiTime as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Invesco Ltd. lifted its holdings in shares of SiTime by 11.0% in the fourth quarter. Invesco Ltd. now owns 983,175 shares of the company's stock worth $210,921,000 after buying an additional 97,062 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of SiTime by 16.1% during the fourth quarter. Ameriprise Financial Inc. now owns 515,735 shares of the company's stock valued at $110,641,000 after purchasing an additional 71,658 shares during the period. Geode Capital Management LLC boosted its stake in shares of SiTime by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 442,897 shares of the company's stock valued at $95,037,000 after purchasing an additional 1,975 shares during the period. Hood River Capital Management LLC lifted its stake in SiTime by 27.0% in the fourth quarter. Hood River Capital Management LLC now owns 421,960 shares of the company's stock worth $90,523,000 after acquiring an additional 89,632 shares during the period. Finally, Driehaus Capital Management LLC lifted its stake in SiTime by 24.2% in the fourth quarter. Driehaus Capital Management LLC now owns 385,325 shares of the company's stock worth $82,664,000 after acquiring an additional 75,192 shares during the period. 84.31% of the stock is owned by hedge funds and other institutional investors.

SiTime Stock Up 5.1%

Shares of SITM traded up $10.09 during midday trading on Wednesday, reaching $207.82. The company had a trading volume of 485,190 shares, compared to its average volume of 316,908. The stock has a market cap of $4.93 billion, a PE ratio of -54.70 and a beta of 2.20. The firm has a 50 day simple moving average of $207.90 and a 200-day simple moving average of $185.18. SiTime Corporation has a 1-year low of $105.40 and a 1-year high of $268.18.

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

Insider Buying and Selling at SiTime

In related news, insider Lionel Bonnot sold 1,991 shares of the company'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 owned 82,579 shares of the company's stock, valued at $16,628,107.44. This represents a 2.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Samsheer Ahamad sold 4,000 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $200.00, for a total value of $800,000.00. Following the sale, the insider owned 72,021 shares in the company, valued at approximately $14,404,200. The trade was a 5.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 64,551 shares of company stock worth $13,413,996. 2.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SITM shares. Stifel Nicolaus upped their price objective on shares of SiTime from $210.00 to $230.00 and gave the company a "buy" rating in a report on Friday, July 18th. Barclays raised their price objective on shares of SiTime from $135.00 to $180.00 and gave the stock an "underweight" rating in a research note on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat.com, SiTime currently has an average rating of "Moderate Buy" and a consensus target price of $228.00.

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.