Chitkara Raman, a director at SITime Corp (NASDAQ:SITM), recently sold 1,000 shares of the company's common stock. The transaction, which took place on December 11, 2024, was executed at a price of $255 per share, amounting to a total value of $255,000. The sale comes as SITM trades near its 52-week high of $264.50, with the stock showing significant momentum, gaining nearly 19% in the past week alone. According to InvestingPro analysis, technical indicators suggest the stock is currently in overbought territory.
Following this sale, Raman holds 21,219 shares directly, including 2,115 shares tied to restricted stock units that have not yet vested. This transaction continues to shape the ownership landscape for SITime Corp, a semiconductor company based in Santa Clara, California, which currently maintains a market capitalization of approximately $6 billion. For deeper insights into SITM's insider trading patterns and comprehensive financial analysis, investors can access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, SiTime Corporation (NASDAQ:SITM) reported significant growth for Q3 2024 with a year-over-year revenue increase of 62%, reaching $57.7 million. The company's net income represented 17% of its revenue. The Communications Enterprise and Data Center segment witnessed a remarkable year-over-year growth of 233%, driven by AI server demand. SiTime also anticipates the commencement of volume shipments in the electric vehicle sector in 2025.
The company's Q4 2024 revenue is projected to be between $63 million and $65 million, with non-GAAP gross margins around 58% to 58.5%. SiTime's non-GAAP EPS for Q4 2024 is expected to be between $0.39 and $0.45 per share. The company's total addressable market (TAM) for its technology is estimated to be around $10 billion, with a serviceable addressable market (SAM) of approximately $3 billion.
In addition, SiTime is developing advanced global navigation satellite systems for the automotive and aerospace sectors. Despite an expected typical seasonal revenue decline of 20% from Q4 to Q1, the company remains optimistic about its growth trajectory and its strategic investments to outpace operating expenses.
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