SiTime Corporation $SITM Shares Purchased 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 lifted its holdings in SiTime Corporation (NASDAQ:SITM - Free Report) by 45.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 128,525 shares of the company's stock after purchasing an additional 40,220 shares during the period. Fred Alger Management LLC owned about 0.54% of SiTime worth $19,648,000 as of its most recent filing with the Securities & Exchange Commission.

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

SiTime Stock Up 0.6%

NASDAQ SITM traded up $1.43 on Friday, reaching $260.00. The stock had a trading volume of 257,427 shares, compared to its average volume of 332,581. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of -74.71 and a beta of 2.18. SiTime Corporation has a 12-month low of $105.40 and a 12-month high of $268.18. The stock has a fifty day moving average price of $217.76 and a two-hundred day moving average price of $191.57.

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Barclays lifted their price objective on SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a report on Thursday, August 7th. Raymond James Financial restated an "outperform" rating and set a $270.00 target price (up from $250.00) on shares of SiTime in a report on Friday, August 29th. Stifel Nicolaus boosted their target price 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 initiated coverage on SiTime in a report on Thursday, August 14th. They set a "buy" rating and a $260.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, SiTime has a consensus rating of "Moderate Buy" and a consensus price target of $243.33.

Insider Buying and Selling at SiTime

In other news, insider Samsheer Ahamad sold 3,811 shares of the company's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $255.03, for a total transaction of $971,919.33. Following the sale, the insider owned 58,077 shares of the company's stock, valued at approximately $14,811,377.31. This represents a 6.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Fariborz Assaderaghi sold 3,000 shares of the company's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $231.75, for a total value of $695,250.00. Following the sale, the insider directly owned 90,433 shares in the company, valued at $20,957,847.75. This represents a 3.21% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,367 shares of company stock valued at $6,960,713. Insiders own 2.10% 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.