SANTA CLARA, CA—Ahamad Samsheer, the Senior Vice President of Finance and Chief Accounting Officer of SITime Corp (NASDAQ:SITM), recently sold 4,000 shares of the company's common stock. The shares were sold at an average price of $172.73, totaling approximately $690,920. Following this transaction, Samsheer retains direct ownership of 78,979 shares, including 33,342 shares from restricted stock units and performance-based restricted stock units that have yet to vest.
This transaction was part of a pre-arranged trading plan under Rule 10b5-1, which allows insiders to set up a predetermined schedule for selling company stock. The shares were sold in multiple transactions, with prices ranging from $172.45 to $173.00 per share. Samsheer has committed to providing detailed information about the individual transactions upon request.
In other recent news, SiTime Corporation (NASDAQ:SITM) has demonstrated impressive financial performance, surpassing Q2 2024 expectations with a revenue of $43.9 million, against a guidance of $40 to $42 million. The company's Non-GAAP net income stood at $2.8 million or $0.12 per share. Notably, SiTime experienced double-digit growth across all reported end markets and anticipates continued sequential growth in the coming quarters. For the third quarter, SiTime expects revenue to grow 25% to 27% sequentially, reaching approximately $55 million.
In analyst news, Stifel raised its price target for SiTime to $200, maintaining a Buy rating, citing the company's robust balance sheet and revenue growth expectations. However, Barclays (LON:BARC) downgraded SiTime from Equalweight to Underweight due to concerns about the company's valuation, maintaining a price target of $90.00.
These recent developments highlight SiTime's strategic focus on diversification and innovation in high-value applications, as well as its robust product pipeline. The company's products are superior to quartz solutions in performance and environmental resilience, positioning SiTime to benefit from ongoing investments in data center bandwidth and synchronization.
InvestingPro Insights
SiTime Corp (NASDAQ:SITM) has been experiencing significant market momentum, as evidenced by its strong performance metrics. According to InvestingPro data, the company's stock has shown impressive returns, with a 58.04% price total return over the past three months and a substantial 92.04% return over the last six months. This aligns with the recent insider sale by Ahamad Samsheer at $172.73 per share, which is near the stock's 52-week high, currently trading at 93.75% of that peak.
Despite the company's recent stock performance, it's worth noting that SiTime is not currently profitable, with a negative P/E ratio of -47.35 for the last twelve months as of Q2 2024. However, InvestingPro Tips suggest that analysts anticipate sales growth in the current year and predict the company will be profitable this year, which could explain the optimistic market sentiment.
The company's financial health appears stable, with InvestingPro Tips indicating that SiTime holds more cash than debt on its balance sheet and its liquid assets exceed short-term obligations. This financial positioning may provide the company with flexibility as it pursues growth opportunities.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for SiTime Corp, providing deeper insights into the company's financial outlook and market position.
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