SiTime Corporation $SITM is Peregrine Investment Management Inc.'s 9th Largest Position

Key Points

• Peregrine Investment Management cut its SiTime stake by 39.1% in the first quarter, but the stock still represents about 5.5% of the fund’s holdings and is its 9th-largest position.
• SiTime reported strong quarterly results, with EPS of $1.44 beating estimates by $0.30 and revenue of $113.57 million topping expectations; revenue rose 88.3% year over year.
• Analysts turned more bullish on the stock, with several firms raising price targets and the consensus rating standing at Moderate Buy with an average target of $661.88.

Peregrine Investment Management Inc. reduced its position in SiTime Corporation (NASDAQ:SITM - Free Report) by 39.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 20,420 shares of the company's stock after selling 13,090 shares during the period. SiTime accounts for about 5.5% of Peregrine Investment Management Inc.'s holdings, making the stock its 9th biggest holding. Peregrine Investment Management Inc. owned 0.08% of SiTime worth $7,052,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rakuten Securities Inc. lifted its holdings in shares of 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 purchasing an additional 49 shares during the last quarter. Optiver Holding B.V. lifted its holdings in shares of 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 purchasing an additional 32 shares during the last quarter. Hantz Financial Services Inc. lifted its holdings in shares of 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 purchasing an additional 59 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of SiTime in the 4th quarter valued at about $33,000. Finally, Larson Financial Group LLC raised its stake in SiTime by 3,200.0% during the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company's stock valued at $30,000 after acquiring an additional 96 shares during the last quarter. 84.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Barclays raised SiTime from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. UBS Group upped their price objective on SiTime from $675.00 to $775.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Stifel Nicolaus upped their price objective on SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Finally, Needham & Company LLC upped their price objective on SiTime from $450.00 to $850.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $661.88.

SiTime Trading Down 1.4%

Shares of SITM stock opened at $835.31 on Thursday. The company has a market cap of $22.05 billion, a price-to-earnings ratio of -827.04 and a beta of 2.91. The stock has a 50 day simple moving average of $457.78 and a 200-day simple moving average of $386.82. SiTime Corporation has a 12-month low of $186.49 and a 12-month high of $901.81.

SiTime (NASDAQ:SITM - Get Free Report) last issued 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 business had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The company's revenue for the quarter was up 88.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 EPS. On average, equities analysts forecast that SiTime Corporation will post 1.31 earnings per share for the current fiscal year.

Insider Transactions at SiTime

In other news, Director Raman Chitkara sold 501 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $425.03, for a total transaction of $212,940.03. Following the completion of the transaction, the director directly owned 21,508 shares of the company's stock, valued at approximately $9,141,545.24. This represents a 2.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Fariborz Assaderaghi sold 4,984 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $406.45, for a total value of $2,025,746.80. Following the transaction, the insider directly owned 89,194 shares of the company's stock, valued at approximately $36,252,901.30. This trade represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 10,966 shares of company stock valued at $4,641,757. Corporate insiders own 1.40% of the company's stock.

SiTime 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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