Rajesh Vashist, CEO of SITIME Corp (NASDAQ:SITM), a $5.79 billion market cap company, recently sold 12,000 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at an average price of $259.25, totaling approximately $3.11 million. The sale comes amid the stock's notable 98% surge over the past six months, with InvestingPro data showing significant price volatility.
Following this transaction, Vashist holds 24,781 shares indirectly through Aldebran Constellation LLC, where he has voting and investment power. Additionally, he retains direct ownership of 433,607 shares, which include unvested restricted stock units and performance-based restricted stock units.
The shares were sold in multiple transactions with prices ranging from $257.00 to $260.50 per share.
In other recent news, SiTime Corporation (NASDAQ:SITM) has reported a significant increase in revenue for the third quarter of 2024, with a rise of 62% year-over-year to reach $57.7 million. The company's net income represented 17% of its revenue. The Communications Enterprise and Data Center segment grew by 233% year-over-year, with expectations for continued growth driven by AI server demand. SiTime also anticipates the commencement of volume shipments for the electric vehicle sector in 2025.
Projected revenue for the fourth quarter of 2024 is between $63 million and $65 million, with non-GAAP gross margins around 58% to 58.5%. Non-GAAP EPS for Q4 2024 is expected to be between $0.39 and $0.45 per share. Furthermore, the total addressable market for SiTime's technology is around $10 billion, with a serviceable addressable market of approximately $3 billion.
These recent developments highlight SiTime's robust growth and future expansion plans. The company is engaged in developing advanced global navigation satellite systems for the automotive and aerospace sectors, and expects its revenue growth to significantly outpace operating expenses due to strategic investments. However, a typical seasonal revenue decline of 20% from Q4 to Q1 is expected. Despite this, SiTime remains optimistic about its growth trajectory and ongoing strategy to expand its product portfolio in high-growth markets.
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