SANTA CLARA, CA—Assaderaghi Fariborz, Executive Vice President of Engineering & Technology at SITIME Corp (NASDAQ:SITM), recently sold 1,000 shares of the company's common stock. The shares were sold at a weighted average price of $249.42, resulting in a total transaction value of $249,420. The sales occurred on December 10, 2024, according to a Form 4 filing with the Securities and Exchange Commission.
Following the transaction, Fariborz retains direct ownership of 101,683 shares. This total includes 97,352 shares tied to restricted stock units and performance-based restricted stock units that have not yet vested. These unvested units comprise 53,398 restricted stock units that vest over time and 43,954 performance-based units contingent upon the company's stock performance over various periods. The company maintains strong financial health with a current ratio of 5.75 and holds more cash than debt on its balance sheet. For deeper insights into SITM's financial metrics and valuation, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, SiTime Corporation (NASDAQ:SITM) has reported robust growth in the third quarter of 2024, with a significant year-over-year revenue increase of 62%, reaching $57.7 million. Furthermore, the company's net income represented 17% of its revenue. The Communications Enterprise and Data Center segment grew by 233% year-over-year, driven by AI server demand, and is expected to continue growing into 2025. SiTime also announced plans to commence volume shipments in the electric vehicle sector in 2025.
The company projected its Q4 2024 revenue to be 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. Despite a typical seasonal revenue decline of 20% from Q4 to Q1, the company sees a bright future, anticipating that its revenue growth will significantly outpace operating expenses due to strategic investments.
These recent developments indicate SiTime's strong financial performance and ongoing strategy to expand its product portfolio in high-growth markets. The company's management expressed optimism about operational efficiency and the ability to maintain a growth trajectory into the future.
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