Peregrine Investment Management Inc. Reduces Position in SiTime Corporation $SITM

by · The Cerbat Gem

Peregrine Investment Management Inc. lessened its position in SiTime Corporation (NASDAQ:SITM – Free Report) by 37.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,510 shares of the company’s stock after selling 20,290 shares during the quarter. SiTime comprises about 7.3% of Peregrine Investment Management Inc.’s investment portfolio, making the stock its biggest position. Peregrine Investment Management Inc.’s holdings in SiTime were worth $11,835,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Ethic Inc. raised its holdings in SiTime by 8.6% in the 4th quarter. Ethic Inc. now owns 1,847 shares of the company’s stock worth $652,000 after acquiring an additional 146 shares during the period. Principal Financial Group Inc. raised its holdings in SiTime by 3.9% in the 4th quarter. Principal Financial Group Inc. now owns 363,953 shares of the company’s stock worth $128,545,000 after acquiring an additional 13,577 shares during the period. Strs Ohio raised its holdings in SiTime by 27.8% in the 4th quarter. Strs Ohio now owns 4,600 shares of the company’s stock worth $1,625,000 after acquiring an additional 1,000 shares during the period. Kornitzer Capital Management Inc. KS raised its holdings in SiTime by 7.4% in the 4th quarter. Kornitzer Capital Management Inc. KS now owns 19,017 shares of the company’s stock worth $6,717,000 after acquiring an additional 1,312 shares during the period. Finally, Danske Bank A S bought a new position in SiTime in the 4th quarter worth $35,000. Institutional investors own 84.31% of the company’s stock.

SiTime Price Performance

NASDAQ SITM opened at $847.19 on Wednesday. The firm has a market capitalization of $22.37 billion, a price-to-earnings ratio of -838.80 and a beta of 2.91. The company’s fifty day moving average is $449.88 and its two-hundred day moving average is $382.86. SiTime Corporation has a 52-week low of $186.49 and a 52-week high of $901.81.

SiTime (NASDAQ:SITM – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. During the same period last year, the business posted $0.26 EPS. The business’s quarterly revenue was up 88.3% on a year-over-year basis. As a group, sell-side analysts expect that SiTime Corporation will post 1.31 earnings per share for the current fiscal year.

Insider Activity

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

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. The Goldman Sachs Group reiterated a “buy” rating and issued a $800.00 target price on shares of SiTime in a report on Thursday, May 7th. Stifel Nicolaus raised their price target on shares of SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. UBS Group raised their price target on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $400.00 to $850.00 in a research report on Thursday, May 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a research report on Tuesday, April 21st. Eight research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $661.88.

Read Our Latest Research Report on SiTime

SiTime Company Profile

(Free Report)

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.

Further Reading

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