SANTA CLARA, CA—Chitkara Raman, a director at SITime Corp (NASDAQ:SITM), recently sold 500 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a price of $265 each, totaling $132,500. After the transaction, Raman holds 20,719 shares, which includes 2,115 shares from restricted stock units that have not yet vested. This transaction was reported on December 12, 2024.The sale comes as SITime, now valued at approximately $5.8 billion, has shown remarkable momentum with a 91% return over the past year. According to InvestingPro data, the stock is trading near its 52-week high of $268.18, reflecting strong market confidence. Want deeper insights into insider trading patterns and 15+ additional ProTips? Discover comprehensive analysis with InvestingPro's detailed research reports, available for over 1,400 US stocks.
In other recent news, SiTime Corporation (NASDAQ:SITM) reported a substantial year-over-year revenue increase of 62% in its third quarter of 2024, totaling $57.7 million. The company's net income accounted for 17% of its revenue. The Communications Enterprise and Data Center segment, a key growth driver, expanded by 233% year-over-year. SiTime's management anticipates continued growth in this segment, driven by AI server demand, and plans to start volume shipments for electric vehicles in 2025.
Additionally, SiTime expects its Q4 2024 revenue to range between $63 million and $65 million, with non-GAAP gross margins around 58% to 58.5%. Non-GAAP EPS for Q4 2024 is projected between $0.39 and $0.45 per share. The total addressable market for SiTime's technology is estimated at around $10 billion, with a serviceable addressable market of approximately $3 billion.
Despite a typical seasonal revenue decline of 20% from Q4 to Q1, the company remains optimistic about its growth trajectory. SiTime has identified around 300 applications for its technology across various sectors and expects to see significant revenue growth outpacing operating expenses due to strategic investments. These are the recent developments for SiTime Corporation.
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