SiTime Corporation $SITM Shares Acquired by Algert Global LLC

Key Points

• Algert Global LLC increased its stake in SiTime Corporation by 71% in Q1, now owning 23,074 shares valued at approximately $3.5 million.
• In recent months, multiple institutional investors, including Ameriprise Financial and Hood River Capital Management, have also significantly increased their holdings in SiTime.
• SiTime reported a strong earnings beat with a 58.3% year-over-year revenue increase, prompting positive analyst ratings and target price upgrades from Barclays and UBS Group.

Algert Global LLC raised its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 71.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,074 shares of the company's stock after acquiring an additional 9,581 shares during the quarter. Algert Global LLC owned approximately 0.10% of SiTime worth $3,527,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. GAMMA Investing LLC increased its stake in SiTime by 27,559.1% in the first quarter. GAMMA Investing LLC now owns 261,102 shares of the company's stock valued at $39,915,000 after purchasing an additional 260,158 shares during the last quarter. Neuberger Berman Group LLC grew its position in shares of SiTime by 360.8% in the 1st quarter. Neuberger Berman Group LLC now owns 135,211 shares of the company's stock valued at $20,670,000 after buying an additional 105,868 shares during the last quarter. Hood River Capital Management LLC raised its stake in SiTime by 27.0% during the 4th quarter. Hood River Capital Management LLC now owns 421,960 shares of the company's stock worth $90,523,000 after acquiring an additional 89,632 shares in the last quarter. Capital World Investors acquired a new stake in shares of SiTime during the fourth quarter worth about $17,654,000. Finally, Driehaus Capital Management LLC boosted its position in shares of SiTime by 24.2% in the 4th quarter. Driehaus Capital Management LLC now owns 385,325 shares of the company's stock valued at $82,664,000 after purchasing an additional 75,192 shares during the period. Institutional investors and hedge funds own 84.31% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Stifel Nicolaus raised their target price on shares of SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. UBS Group assumed coverage on SiTime in a report on Thursday, August 14th. They set a "buy" rating and a $260.00 price target on the stock. Finally, Barclays upped their price objective on SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a research note on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $240.00.

SiTime Stock Performance

SITM traded up $17.09 during trading on Friday, reaching $240.98. The company's stock had a trading volume of 452,582 shares, compared to its average volume of 396,189. The company's fifty day moving average price is $210.88 and its 200-day moving average price is $184.68. SiTime Corporation has a 52-week low of $105.40 and a 52-week high of $268.18. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of -69.25 and a beta of 2.20.

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

Insiders Place Their Bets

In other SiTime news, insider Piyush B. Sevalia sold 1,661 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $193.99, for a total transaction of $322,217.39. Following the transaction, the insider directly owned 87,216 shares in the company, valued at approximately $16,919,031.84. This represents a 1.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Samsheer Ahamad sold 4,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $200.00, for a total value of $800,000.00. Following the sale, the insider directly owned 72,021 shares in the company, valued at $14,404,200. This trade represents a 5.26% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,861 shares of company stock worth $5,006,357. Insiders own 2.10% of the company's stock.

SiTime Company Profile

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.