Peregrine Investment Management Inc. Takes $7.78 Million Position in SiTime Co. (NASDAQ:SITM)

Peregrine Investment Management Inc. bought a new position in SiTime Co. (NASDAQ:SITM) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 36,260 shares of the company’s stock, valued at approximately $7,779,000. SiTime makes up 4.5% of Peregrine Investment Management Inc.’s portfolio, making the stock its 11th largest holding. Peregrine Investment Management Inc. owned about 0.16% of SiTime as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. LMR Partners LLP boosted its holdings in shares of SiTime by 705.0% in the 3rd quarter. LMR Partners LLP now owns 80,500 shares of the company’s stock worth $13,807,000 after purchasing an additional 70,500 shares in the last quarter. Principal Financial Group Inc. boosted its stake in SiTime by 15.4% in the third quarter. Principal Financial Group Inc. now owns 448,930 shares of the company’s stock worth $76,996,000 after buying an additional 59,931 shares in the last quarter. FMR LLC grew its position in SiTime by 1.1% during the third quarter. FMR LLC now owns 3,469,843 shares of the company’s stock valued at $595,113,000 after acquiring an additional 39,119 shares during the last quarter. State Street Corp raised its stake in shares of SiTime by 3.1% during the third quarter. State Street Corp now owns 922,974 shares of the company’s stock worth $158,299,000 after acquiring an additional 27,692 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of SiTime by 80.7% in the 3rd quarter. Barclays PLC now owns 37,982 shares of the company’s stock worth $6,515,000 after acquiring an additional 16,964 shares during the last quarter. Institutional investors own 84.31% of the company’s stock.

SiTime Price Performance

NASDAQ SITM opened at $177.41 on Friday. The business’s 50-day moving average is $222.19 and its 200 day moving average is $187.75. The stock has a market capitalization of $4.14 billion, a PE ratio of -43.80 and a beta of 1.80. SiTime Co. has a 1 year low of $72.39 and a 1 year high of $268.18.

Insider Transactions at SiTime

In other SiTime news, CEO Rajesh Vashist sold 12,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $259.25, for a total value of $3,111,000.00. Following the completion of the sale, the chief executive officer now directly owns 24,781 shares in the company, valued at $6,424,474.25. This trade represents a 32.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Fariborz Assaderaghi sold 363 shares of SiTime stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $216.25, for a total value of $78,498.75. Following the sale, the insider now directly owns 104,322 shares in the company, valued at approximately $22,559,632.50. The trade was a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,934 shares of company stock worth $5,206,598. 2.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SITM has been the topic of several recent research reports. Stifel Nicolaus increased their target price on shares of SiTime from $250.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Barclays raised their price objective on SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Needham & Company LLC boosted their target price on SiTime from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Roth Mkm raised their price target on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Raymond James reiterated an “outperform” rating and issued a $250.00 price objective (up previously from $215.00) on shares of SiTime in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, SiTime has a consensus rating of “Moderate Buy” and a consensus price target of $232.00.

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.