SiTime Corporation $SITM Shares Acquired by Peregrine Investment Management Inc.

Key Points

• Peregrine Investment Management Inc. increased its stake in SiTime Corporation (SITM) by 28.4%, making it the largest position in its portfolio with approximately 9.2% ownership.
• SiTime reported a significant 58.3% year-over-year revenue increase of $69.49 million and earnings per share of $0.47, surpassing the consensus estimate.
• Several brokerages have raised their target prices for SiTime, with Stifel Nicolaus setting a new price objective of $320.00 and maintaining a "buy" rating.

Peregrine Investment Management Inc. boosted its position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 28.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,870 shares of the company's stock after purchasing an additional 15,000 shares during the period. SiTime accounts for approximately 9.2% of Peregrine Investment Management Inc.'s portfolio, making the stock its biggest position. Peregrine Investment Management Inc. owned about 0.29% of SiTime worth $14,462,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in shares of SiTime in the first quarter worth about $32,000. Advisors Asset Management Inc. boosted its holdings in shares of 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 acquiring an additional 88 shares in the last quarter. CWM LLC boosted its holdings in shares of SiTime by 69.0% in the 1st quarter. CWM LLC now owns 453 shares of the company's stock worth $69,000 after acquiring an additional 185 shares in the last quarter. Tidal Investments LLC acquired a new position in shares of SiTime in the 4th quarter worth approximately $217,000. Finally, Xponance Inc. lifted its holdings in SiTime by 7.2% during the 1st quarter. Xponance Inc. now owns 1,419 shares of the company's stock worth $217,000 after buying an additional 95 shares in the last quarter. Institutional investors and hedge funds own 84.31% of the company's stock.

SiTime Stock Performance

Shares of NASDAQ:SITM opened at $318.05 on Wednesday. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $318.37. The company has a market capitalization of $8.27 billion, a P/E ratio of -91.39 and a beta of 2.18. The company has a 50-day simple moving average of $230.53 and a 200 day simple moving average of $198.25.

SiTime (NASDAQ:SITM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.18. SiTime had a negative net margin of 32.15% and a negative return on equity of 7.54%. The business had revenue of $69.49 million during the quarter, compared to the consensus estimate of $64.66 million. During the same period last year, the business posted $0.12 EPS. SiTime's revenue was up 58.3% on a year-over-year basis. As a group, equities analysts forecast that SiTime Corporation will post -2.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on SITM. Barclays upped their target price on shares of SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a research report on Thursday, August 7th. Stifel Nicolaus upped their price objective on shares of SiTime from $230.00 to $320.00 and gave the company a "buy" rating in a research report on Thursday, September 18th. UBS Group assumed coverage on shares of SiTime in a research report on Thursday, August 14th. They issued a "buy" rating and a $260.00 price objective for the company. Finally, Raymond James Financial restated an "outperform" rating and issued a $270.00 price objective (up previously from $250.00) on shares of SiTime in a research report on Friday, August 29th. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $258.33.

Insiders Place Their Bets

In related news, EVP Elizabeth A. Howe sold 1,000 shares of the firm's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $298.00, for a total value of $298,000.00. Following the completion of the sale, the executive vice president directly owned 65,070 shares in the company, valued at approximately $19,390,860. This trade represents a 1.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Rajesh Vashist sold 2,000 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $232.00, for a total transaction of $464,000.00. Following the completion of the sale, the chief executive officer owned 463,208 shares of the company's stock, valued at $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. Insiders sold a total of 30,367 shares of company stock worth $7,258,713 in the last three months. 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.

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