Peregrine Investment Management Inc. Sells 13,090 Shares of SiTime Corporation $SITM

Peregrine Investment Management Inc. lowered its position in SiTime Corporation (NASDAQ:SITM) by 39.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,420 shares of the company’s stock after selling 13,090 shares during the period. SiTime makes up about 5.5% of Peregrine Investment Management Inc.’s investment portfolio, making the stock its 9th biggest position. Peregrine Investment Management Inc.’s holdings in SiTime were worth $7,052,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Rakuten Securities Inc. grew 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 worth $26,000 after acquiring an additional 49 shares during the period. Hantz Financial Services Inc. grew 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 worth $27,000 after acquiring an additional 59 shares during the period. Optiver Holding B.V. grew 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 worth $27,000 after acquiring an additional 32 shares during the period. Larson Financial Group LLC grew its holdings in shares of SiTime by 3,200.0% in the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after acquiring an additional 96 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of SiTime in the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

Insider Transactions at SiTime

In other news, insider Piyush B. Sevalia sold 2,419 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the sale, the insider owned 84,250 shares in the company, valued at $40,781,212.50. This trade represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Fariborz Assaderaghi sold 4,984 shares of the firm’s stock in a transaction 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 sale, the insider owned 89,194 shares in the company, valued at $36,252,901.30. This trade represents a 5.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 10,966 shares of company stock worth $4,641,757 over the last quarter. 1.40% of the stock is currently owned by insiders.

SiTime Stock Down 1.4%

SITM stock opened at $835.31 on Thursday. SiTime Corporation has a 52-week low of $186.49 and a 52-week high of $901.81. The stock’s fifty day simple moving average is $457.78 and its 200-day simple moving average is $386.82. The stock has a market capitalization of $22.05 billion, a price-to-earnings ratio of -827.04 and a beta of 2.91.

SiTime (NASDAQ:SITM) last posted its quarterly earnings data 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 positive return on equity of 0.53% and a negative net margin of 6.38%.The business had revenue of $113.57 million for the quarter, compared to analysts’ expectations of $103.51 million. During the same quarter last year, the firm earned $0.26 earnings per share. The business’s revenue was up 88.3% on a year-over-year basis. As a group, analysts anticipate that SiTime Corporation will post 1.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Needham & Company LLC upped their price target on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $400.00 to $850.00 in a report on Thursday, May 7th. UBS Group increased their target price on SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Wall Street Zen upgraded SiTime from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Stifel Nicolaus increased their target price on SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, SiTime has a consensus rating of “Moderate Buy” and an average target price of $661.88.

SiTime Company 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.