Peregrine Investment Management Inc. Sells 20,290 Shares of SiTime Corporation $SITM

Key Points

• Peregrine Investment Management cut its SiTime stake by 37.7% in Q4, selling 20,290 shares and leaving it with 33,510 shares worth about $11.8 million; SiTime remains its largest holding.
• Wall Street sentiment is mostly bullish on SiTime, with several firms raising price targets after recent updates; the consensus rating is “Moderate Buy” with a target price of $661.88.
• SiTime posted strong quarterly results, reporting EPS of $1.44 versus the $1.14 estimate and revenue of $113.57 million, up 88.3% year over year.

Peregrine Investment Management Inc. decreased its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 37.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,510 shares of the company's stock after selling 20,290 shares during the quarter. SiTime comprises approximately 7.3% of Peregrine Investment Management Inc.'s holdings, making the stock its biggest holding. Peregrine Investment Management Inc. owned approximately 0.13% of SiTime worth $11,835,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Rakuten Securities Inc. boosted its position in SiTime by 188.5% in the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company's stock valued at $26,000 after buying an additional 49 shares during the last quarter. Hantz Financial Services Inc. boosted its position in SiTime by 190.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company's stock valued at $27,000 after buying an additional 59 shares during the last quarter. Optiver Holding B.V. boosted its position in SiTime by 56.1% in the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company's stock valued at $27,000 after buying an additional 32 shares during the last quarter. Larson Financial Group LLC boosted its position in SiTime by 3,200.0% in the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company's stock valued at $30,000 after buying an additional 96 shares during the last quarter. Finally, Danske Bank A S purchased a new position in SiTime in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 84.31% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SITM. Stifel Nicolaus upped their target price on shares of SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Roth Mkm reiterated a "buy" rating and set a $900.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Barclays upgraded shares of SiTime from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of SiTime in a research note on Tuesday, April 21st. Finally, Needham & Company LLC increased their price objective on shares of SiTime from $450.00 to $850.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $661.88.

Insider Activity

In other news, insider Piyush B. Sevalia sold 2,419 shares of the firm's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the transaction, the insider owned 84,250 shares in the company, valued at approximately $40,781,212.50. This trade represents a 2.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Raman Chitkara sold 501 shares of the firm's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $425.03, for a total transaction of $212,940.03. Following the transaction, the director owned 21,508 shares in the company, valued at $9,141,545.24. This represents a 2.28% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 10,966 shares of company stock worth $4,641,757. 1.40% of the stock is owned by corporate insiders.

SiTime Stock Down 6.0%

SITM stock opened at $847.19 on Wednesday. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81. The company has a market cap of $22.37 billion, a price-to-earnings ratio of -838.80 and a beta of 2.91. The company has a 50 day moving average of $449.88 and a two-hundred day moving average of $382.86.

SiTime (NASDAQ:SITM - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.14 by $0.30. The company had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company's revenue was up 88.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.26 EPS. On average, research analysts anticipate that SiTime Corporation will post 1.31 EPS for the current year.

SiTime Company Profile

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime's products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company's timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.

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