SANTA CLARA, CA—Elizabeth A. Howe, Executive Vice President and Chief Financial Officer of SITIME Corp (NASDAQ:SITM), recently sold a significant portion of her holdings in the company. According to a filing with the Securities and Exchange Commission, Howe sold a total of 4,000 shares of common stock on December 3, 2024. The shares were sold at prices ranging from $217.06 to $222.00, amounting to a total transaction value of approximately $878,120. The sale comes as SITM trades near its 52-week high of $229.64, having delivered an impressive 106% return over the past year, according to InvestingPro data.
Following these transactions, Howe retains direct ownership of 65,099 shares in the semiconductor company. Included in this balance are 58,593 shares from restricted stock units and performance-based restricted stock units that have not yet vested. The company maintains a strong financial position with more cash than debt on its balance sheet and a healthy current ratio of 5.75x.
This latest stock sale comes as SITIME Corp continues to navigate the competitive semiconductor market, maintaining its focus on innovative timing solutions. Investors and analysts will likely keep a close eye on insider transactions as a potential indicator of the company's future performance. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with 6 analysts recently revising their earnings expectations upward. Get access to 15+ additional exclusive ProTips and comprehensive analysis through the Pro Research Report.
In other recent news, SiTime Corporation (NASDAQ:SITM) reported a substantial third-quarter growth for 2024, with revenues increasing by 62% to $57.7 million. The company's net income accounted for 17% of its revenue. The Communications Enterprise and Data Center segment experienced a remarkable 233% growth year-over-year, with expectations for further expansion into 2025, primarily driven by AI server demand. SiTime also anticipates initiating volume shipments for the electric vehicle sector in 2025.
Projected revenue for the fourth quarter of 2024 ranges from $63 million to $65 million, with non-GAAP gross margins estimated at around 58% to 58.5%. Non-GAAP EPS for the same period is expected to be between $0.39 and $0.45 per share. SiTime's total addressable market for its technology is around $10 billion, with a serviceable addressable market of approximately $3 billion.
These recent developments indicate SiTime's robust financial performance and its strategic plans for future growth. Notably, the company anticipates its precision timing technology to play a significant role in high-speed connectivity applications and is engaged in developing advanced global navigation satellite systems for the automotive and aerospace sectors. Despite an anticipated seasonal revenue decline of 20% from Q4 to Q1, SiTime remains optimistic about its growth trajectory.
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