Vincent P. Pangrazio, Executive Vice President and Chief Legal Officer at SITIME Corp (NASDAQ:SITM), recently sold shares of the company's common stock, according to a Form 4 filing with the Securities and Exchange Commission. On December 12, Pangrazio disposed of a total of 3,064 shares, with transaction prices ranging from $253 to $257 per share. The timing of this sale comes as SITM's stock has shown remarkable strength, delivering a 98% return over the past six months and trading near its 52-week high of $268.18. The total value of these transactions amounted to $781,320. Following these sales, Pangrazio directly owns 65,978 shares in the company. The filing also notes that the number of shares Pangrazio holds includes 49,538 shares issuable from restricted stock units and performance-based restricted stock units that have not yet vested. With SITM's market capitalization at $5.79 billion and a beta of 1.82 indicating higher volatility than the market, investors seeking deeper insights into insider trading patterns and company fundamentals can access comprehensive analysis through InvestingPro, which offers exclusive access to 15+ additional ProTips and detailed financial metrics.
In other recent news, SiTime Corporation (NASDAQ:SITM) reported a robust 62% increase in its Q3 2024 revenue, reaching $57.7 million. The company's net income accounted for 17% of the revenue. The Communications Enterprise and Data Center segment experienced a significant growth of 233% year-over-year, driven by AI server demand. SiTime also projects Q4 2024 revenue to be between $63 million and $65 million, with non-GAAP gross margins around 58% to 58.5%.
In future developments, SiTime plans to start volume shipments for electric vehicles in 2025 and expects its precision timing technology to be integral in high-speed connectivity applications. The company anticipates that its revenue growth will significantly outpace operating expenses due to strategic investments. However, a typical seasonal revenue decline of 20% from Q4 to Q1 is expected.
CEO Rajesh Vashist expressed confidence in the growth of the CED segment, expected to double in 2024 and exceed the company's overall target of 30% growth in 2025. CFO Beth Howe projected that the CED segment would lead Q4 growth, followed by Consumer IoT and other industrial segments. These recent developments reflect SiTime's strong financial performance and ongoing strategy to expand its product portfolio in high-growth markets.
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