Piyush B. Sevalia, Executive Vice President of Marketing at SITIME Corp (NASDAQ:SITM), recently sold 6,429 shares of the company's common stock. The shares were sold at a weighted average price of $254.02 each, generating approximately $1.63 million in total. The transactions occurred on December 11, 2024, with sale prices ranging from $245.00 to $262.69 per share. The timing is notable as SITM trades near its 52-week high of $264.50, having delivered impressive returns of 132% over the past year. Following the sale, Sevalia retains 75,261 shares, including restricted and performance-based stock units that have not yet vested. With a market capitalization of approximately $6 billion, InvestingPro analysis indicates the stock is currently overbought, one of 18 key insights available for SITM. For deeper analysis of insider trading patterns and comprehensive valuation metrics, investors can access the full SITM Pro Research Report, part of InvestingPro's coverage of 1,400+ US stocks.
In other recent news, SiTime Corporation (NASDAQ:SITM) reported substantial growth in its Q3 2024 earnings, with a year-over-year revenue increase of 62%, amounting to $57.7 million. The company's net income accounted for 17% of this revenue. The Communications Enterprise and Data Center segment witnessed a 233% growth year-over-year, driven by AI server demand, and is expected to continue this growth trend into 2025.
SiTime also announced plans for volume shipments in the electric vehicle sector starting in 2025. The company's projected revenue for Q4 2024 is between $63 million and $65 million, with non-GAAP gross margins around 58% to 58.5%. The expected non-GAAP EPS for Q4 2024 is between $0.39 and $0.45 per share.
Despite anticipating a typical seasonal revenue decline of 20% from Q4 to Q1, SiTime remains optimistic about its growth trajectory. The company has identified approximately 300 applications for its technology across various sectors and expects clocking revenue to reach $100 million in the coming years. These are the latest developments in SiTime's ongoing strategy to expand its product portfolio in high-growth markets.
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