SiTime Corp executive sells shares worth $274,680 By Investing.com

In a recent transaction, Vincent P. Pangrazio, the Executive Vice President, Chief Legal Officer, and Corporate Secretary of SiTime Corp (NASDAQ:SITM), sold 1,962 shares of the company’s common stock. The transaction, dated July 8, 2024, was executed at a price of $140.00 per share, amounting to a total value of $274,680.

The sale has adjusted Pangrazio’s holdings in the company, leaving him with a total of 71,137 shares of SiTime Corp’s common stock. It is important to note that this figure includes 54,604 shares that are issuable under previously reported restricted stock units and performance-based restricted stock units that have not yet vested.

SiTime Corp, a company specializing in semiconductor and related devices, is known for its precision time solutions that play a critical role in various electronic applications. The stock transaction by one of its top executives is a routine disclosure, and such filings are closely monitored by investors for insights into executive confidence in the company’s prospects.

The shares were sold at a uniform price, providing clarity on the value of the transaction. SiTime Corp, headquartered in Santa Clara, California, has not released any official statement regarding the transaction, and the sale was reported in compliance with regulatory requirements.

In other recent news, SiTime Corporation (NASDAQ:) has announced key developments in its financial and operational performance. The company reported a positive Q1 earnings call, revealing a revenue of $33 million and non-GAAP gross margins of 57.9%. SiTime anticipates sequential revenue growth, projecting Q2 revenue between $40 million to $42 million. The company also plans to introduce 40 new products by year-end, targeting various markets including communications, enterprise, and data centers.

In addition to these developments, SiTime has appointed Deloitte & Touche LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2024. This decision follows an audit committee selection process and a change from the previous auditor, BDO USA, P.C. SiTime has remedied a previously identified material weakness in its review control over the classification of cash flows from investments, further strengthening its financial practices.

These recent developments reflect SiTime’s commitment to robust financial practices and its strategic focus on expanding its product portfolio to meet precision timing needs across diverse markets. The company remains optimistic about its growth prospects, forecasting a 30% growth potential for 2025.

InvestingPro Insights

In light of the recent stock transaction by SiTime Corp’s (NASDAQ:SITM) Executive Vice President, Vincent P. Pangrazio, investors may find the following InvestingPro Insights particularly relevant:

InvestingPro Data shows that SiTime Corp currently holds a market capitalization of $3.37 billion USD. The company’s P/E ratio stands at -35.23, reflecting its current earnings situation. Notably, the stock has experienced a significant one-week total return of 14.93%, indicating a recent uptick in investor interest or market activity.

From the InvestingPro Tips, it’s important to highlight that SiTime Corp is trading near its 52-week high, with the price at 99.93% of this peak. This aligns with the transaction price of $140.00 per share, which is close to the current fair value as per analyst targets. Additionally, SiTime Corp’s liquid assets exceed its short-term obligations, suggesting a solid liquidity position that could reassure investors of the company’s short-term financial health.

Investors considering SiTime Corp’s stock may also be interested in knowing that the company is forecasted to become profitable this year, according to analysts. This could be a pivotal factor for those looking at the long-term growth potential of SiTime Corp.

For more detailed analysis and additional InvestingPro Tips—including why SiTime Corp holds more cash than debt on its balance sheet, and the implications of its stock’s volatility—interested parties can visit https://www.investing.com/pro/SITM. There are 15 more tips available that can provide deeper insights into SiTime Corp’s financial health and stock performance. To access these valuable tips, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.