SiTime Corporation $SITM Stake Boosted by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC increased its stake in SiTime Corporation by 45.5%, now owning 128,525 shares worth approximately $19.65 million.
• Insider selling occurred, with CEO Rajesh Vashist and insider Fariborz Assaderaghi selling shares for total values of $464,000 and $695,250 respectively, indicating a decrease in their ownership positions.
• Analysts have raised SiTime's target prices, with Barclays setting it at $220 and UBS at $260, while the company received mostly "Buy" ratings reflecting strong performance expectations.

Fred Alger Management LLC grew its stake in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 45.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 128,525 shares of the company's stock after acquiring an additional 40,220 shares during the quarter. Fred Alger Management LLC owned about 0.54% of SiTime worth $19,648,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new stake in SiTime during the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new stake in SiTime during the 1st quarter worth approximately $32,000. Advisors Asset Management Inc. increased its position in SiTime by 33.6% during the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock worth $54,000 after purchasing an additional 88 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in SiTime during the 4th quarter worth approximately $81,000. Finally, CWM LLC increased its position in SiTime by 69.0% during the 1st quarter. CWM LLC now owns 453 shares of the company's stock worth $69,000 after purchasing an additional 185 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SITM shares. Raymond James Financial reissued an "outperform" rating and set a $270.00 target price (up previously from $250.00) on shares of SiTime in a research report on Friday, August 29th. Barclays increased their target price on shares of SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research report on Thursday, August 7th. Stifel Nicolaus upped their price target on SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Finally, UBS Group began coverage on SiTime in a report on Thursday, August 14th. They issued a "buy" rating and a $260.00 price target for the company. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $243.33.

SiTime Price Performance

NASDAQ SITM traded up $1.43 on Friday, reaching $260.00. The company had a trading volume of 257,427 shares, compared to its average volume of 327,684. The firm has a market capitalization of $6.76 billion, a PE ratio of -74.71 and a beta of 2.18. SiTime Corporation has a 1 year low of $105.40 and a 1 year high of $268.18. The firm has a 50-day moving average of $217.76 and a 200-day moving average of $192.01.

SiTime (NASDAQ:SITM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.18. The firm had revenue of $69.49 million during the quarter, compared to analysts' expectations of $64.66 million. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.SiTime's quarterly revenue was up 58.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.12 EPS. As a group, sell-side analysts expect that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Fariborz Assaderaghi sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $234.00, for a total transaction of $702,000.00. Following the completion of the transaction, the insider directly owned 93,433 shares in the company, valued at approximately $21,863,322. This represents a 3.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Rajesh Vashist sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $232.00, for a total value of $464,000.00. Following the transaction, the chief executive officer owned 463,208 shares of the company's stock, valued at approximately $107,464,256. This trade represents a 0.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,367 shares of company stock valued at $6,960,713. Corporate insiders own 2.30% 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.