SANTA CLARA, CA—Fariborz Assaderaghi, Executive Vice President of Engineering & Technology at SITIME Corp (NASDAQ:SITM), recently sold 1,002 shares of the company's common stock. The shares were sold at a weighted average price of $216.85, totaling approximately $217,283. Following this transaction, Assaderaghi retains direct ownership of 102,683 shares, which includes unvested restricted stock units and performance-based units. The shares were sold on December 2, 2024, as part of a pre-planned trading arrangement. With a market capitalization of $5.2 billion and analyst price targets ranging from $130 to $240, InvestingPro subscribers can access 15+ additional insights about SITM's financial health and growth prospects through the comprehensive Pro Research Report.
In other recent news, SiTime Corporation (NASDAQ:SITM) reported a notable 62% increase in revenue year-over-year in its third quarter of 2024, leading to a total of $57.7 million. The company's net income made up 17% of this revenue. SiTime's CEO Rajesh Vashist and CFO Beth Howe shared during the earnings call that they anticipate continued growth in the Communications Enterprise and Data Center segment, along with the initiation of volume shipments in the electric vehicle sector in 2025.
Furthermore, SiTime projected its Q4 2024 revenue to be between $63 million and $65 million, with non-GAAP gross margins around 58% to 58.5%. The company also expects non-GAAP EPS for Q4 2024 to be between $0.39 and $0.45 per share. However, a seasonal revenue decline of 20% from Q4 to Q1 is expected.
In other company developments, SiTime is focusing on developing advanced global navigation satellite systems for the automotive and aerospace sectors. The company also disclosed that it has identified approximately 300 applications for its technology across various sectors. These recent developments indicate SiTime's strategic approach towards expanding its product portfolio in high-growth markets.
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