SiTime Corporation $SITM Shares Bought by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue increased its holdings in SiTime Corporation by 16.1%, owning approximately 0.05% of the company worth $2,619,000 after the purchase.
• Several large institutional investors have also increased their stakes in SiTime, with Peregrine Investment Management increasing its holdings by 28.4% and Fred Alger Management boosting theirs by 45.5%.
• SiTime's stock has received positive ratings from analysts, including an "outperform" rating from Raymond James with a price target of $270.00, reflecting optimism about its growth potential.

State of Alaska Department of Revenue grew its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 16.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,298 shares of the company's stock after purchasing an additional 1,706 shares during the period. State of Alaska Department of Revenue owned approximately 0.05% of SiTime worth $2,619,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Peregrine Investment Management Inc. increased its holdings in shares of SiTime by 28.4% during the second quarter. Peregrine Investment Management Inc. now owns 67,870 shares of the company's stock valued at $14,462,000 after purchasing an additional 15,000 shares during the period. Fred Alger Management LLC boosted its stake in SiTime by 45.5% during the first quarter. Fred Alger Management LLC now owns 128,525 shares of the company's stock valued at $19,648,000 after buying an additional 40,220 shares in the last quarter. Toth Financial Advisory Corp bought a new position in SiTime during the second quarter valued at about $298,000. GAMMA Investing LLC boosted its stake in SiTime by 80.9% during the first quarter. GAMMA Investing LLC now owns 1,708 shares of the company's stock valued at $261,000 after buying an additional 764 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of SiTime in the 1st quarter valued at $734,000. 84.31% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at SiTime

In other SiTime news, insider Piyush B. Sevalia sold 2,056 shares of the firm's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $251.50, for a total value of $517,084.00. Following the sale, the insider owned 78,757 shares of the company's stock, valued at $19,807,385.50. This trade represents a 2.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Fariborz Assaderaghi sold 3,000 shares of SiTime stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $231.75, for a total value of $695,250.00. Following the sale, the insider directly owned 90,433 shares in the company, valued at $20,957,847.75. The trade was a 3.21% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,268 shares of company stock worth $7,546,132. Insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

SITM has been the subject of a number of recent analyst reports. Raymond James Financial reiterated an "outperform" rating and issued a $270.00 price target (up previously from $250.00) on shares of SiTime in a research report on Friday, August 29th. UBS Group initiated coverage on SiTime in a research report on Thursday, August 14th. They set a "buy" rating and a $260.00 price objective for the company. Barclays raised their price target on SiTime from $180.00 to $220.00 and gave the stock an "underweight" rating in a research note on Thursday, August 7th. Finally, Stifel Nicolaus raised their price target on SiTime from $230.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, September 18th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $258.33.

SiTime Stock Down 1.9%

SITM opened at $295.71 on Thursday. The firm has a market capitalization of $7.69 billion, a P/E ratio of -84.97 and a beta of 2.35. The stock's 50 day moving average price is $241.22 and its two-hundred day moving average price is $203.59. SiTime Corporation has a 12-month low of $105.40 and a 12-month high of $319.00.

SiTime (NASDAQ:SITM - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.18. The firm had revenue of $69.49 million for the quarter, compared to analyst estimates 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 revenue was up 58.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.12 EPS. As a group, analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current year.

SiTime 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.

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