Peregrine Investment Management Inc. Acquires 16,610 Shares of SiTime Corporation (NASDAQ:SITM)

Peregrine Investment Management Inc. grew its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 45.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 52,870 shares of the company's stock after purchasing an additional 16,610 shares during the period. SiTime comprises 6.0% of Peregrine Investment Management Inc.'s holdings, making the stock its 6th largest holding. Peregrine Investment Management Inc. owned 0.22% of SiTime worth $8,082,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Fourth Dimension Wealth LLC bought a new position in SiTime in the 4th quarter valued at approximately $25,000. Opal Wealth Advisors LLC bought a new position in shares of SiTime during the first quarter valued at $32,000. Aster Capital Management DIFC Ltd bought a new position in shares of SiTime during the fourth quarter valued at $58,000. CWM LLC raised its stake in shares of SiTime by 69.0% during the first quarter. CWM LLC now owns 453 shares of the company's stock valued at $69,000 after acquiring an additional 185 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of SiTime during the fourth quarter valued at $81,000. Institutional investors and hedge funds own 84.31% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Barclays lifted their target price 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. Stifel Nicolaus lifted their target price on shares of SiTime from $180.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $224.00.

SiTime Price Performance

Shares of NASDAQ SITM opened at $206.40 on Friday. The stock has a market capitalization of $4.90 billion, a P/E ratio of -54.32 and a beta of 2.20. The company has a 50-day moving average price of $206.08 and a 200-day moving average price of $188.66. 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 released its quarterly earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.15. SiTime had a negative return on equity of 9.43% and a negative net margin of 38.60%. The firm had revenue of $60.31 million for the quarter, compared to analysts' expectations of $54.01 million. During the same quarter last year, the firm posted ($0.08) EPS. The company's revenue was up 82.7% compared to the same quarter last year. As a group, equities research analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Insider Activity at SiTime

In related news, insider Vincent P. Pangrazio sold 5,026 shares of the firm's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $204.55, for a total transaction of $1,028,068.30. Following the transaction, the insider directly owned 64,842 shares of the company's stock, valued at approximately $13,263,431.10. This trade represents a 7.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Samsheer Ahamad sold 7,728 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $207.41, for a total value of $1,602,864.48. Following the transaction, the insider directly owned 78,095 shares in the company, valued at approximately $16,197,683.95. This represents a 9.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 63,818 shares of company stock worth $13,171,258 in the last quarter. 2.10% of the stock is owned by company insiders.

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.

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