SANTA CLARA, CA—Fariborz Assaderaghi, the Executive Vice President of Engineering & Technology at SITIME Corp (NASDAQ:SITM), recently made a significant transaction involving the company's stock. According to a recent SEC filing, Assaderaghi sold 1,004 shares of SITIME common stock. The shares were sold at a weighted average price of $172.71, resulting in a total transaction value of approximately $173,400.
The sale was executed on November 1, 2024, with the stock trading in a range between $170.35 and $175.10 per share. Following this transaction, Assaderaghi retains ownership of 109,574 shares, which includes shares tied to previously reported restricted and performance-based stock units that have yet to vest.
This transaction was conducted under a pre-arranged trading plan, as indicated in the filing.
In other recent news, SiTime Corporation (NASDAQ:SITM) has been the focus of varying analyst assessments and has reported strong financial results. Stifel maintained a Buy rating on SiTime, raising its price target to $200 based on projected revenue growth and a robust balance sheet. However, the firm also warned investors about potential risks related to market adoption of new products and the semiconductor industry's inherent cyclicality.
Conversely, Barclays (LON:BARC) downgraded SiTime from Equalweight to Underweight, citing concerns about the company's current valuation. While acknowledging SiTime's efforts to expand its sales pipeline, Barclays suggested this could place pressure on gross margins in the future.
In terms of financial developments, SiTime surpassed Q2 2024 expectations with a reported revenue of $43.9 million, against a guidance of $40 to $42 million. The company's Non-GAAP net income was $2.8 million or $0.12 per share. SiTime also anticipates continued sequential growth in the coming quarters, with Q3 revenue expected to grow 25% to 27% sequentially, reaching approximately $55 million.
InvestingPro Insights
The recent stock sale by SITIME Corp's Executive Vice President of Engineering & Technology comes at a time when the company's stock is trading near its 52-week high, according to InvestingPro data. This aligns with one of the InvestingPro Tips, which notes that SITM is "Trading near 52-week high." The stock's current price is approximately 93.75% of its 52-week high, indicating strong recent performance.
InvestingPro Tips also highlight that SITM has shown a "Strong return over the last three months," with data revealing a 58.04% price total return over that period. This robust short-term performance is complemented by a "Large price uptick over the last six months," with the stock delivering an impressive 92.04% return during that timeframe.
While the company's stock has been performing well, it's worth noting that SITM is "Not profitable over the last twelve months," according to another InvestingPro Tip. However, analysts are optimistic about the company's future, with InvestingPro Tips indicating that "Analysts predict the company will be profitable this year" and "Analysts anticipate sales growth in the current year."
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for SITIME Corp, providing a deeper understanding of the company's financial health and market position.
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