SAN FRANCISCO—Steven Vattuone, the Chief Financial Officer of ON24 Inc. (NYSE:ONTF), recently sold shares in the company, according to a regulatory filing with the Securities and Exchange Commission. The company, currently valued at $276.56 million with shares trading at $6.65, shows promising fundamentals according to InvestingPro analysis. The transactions, which took place over a three-day period from December 2 to December 4, involved the sale of a total of 14,156 shares of common stock.
The sales were executed at prices ranging from $6.6043 to $6.6945 per share, resulting in a total transaction value of approximately $100,903. These transactions were conducted as part of a pre-arranged trading plan under Rule 10B5-1, which allows company insiders to set up a predetermined schedule for selling stocks to avoid concerns about insider trading. Notably, ON24 maintains a strong balance sheet with more cash than debt and a healthy current ratio of 2.75.
Following these transactions, Vattuone retains direct ownership of 568,435 shares of ON24. The sales were made to cover tax withholding obligations in connection with the vesting of restricted stock units, as noted in the filing.
ON24 Inc. is a technology company based in San Francisco, specializing in webcasting and virtual event solutions, generating annual revenue of $150.74 million. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, one of 1,400+ detailed company analyses available to subscribers.
In other recent news, ON24 reported its third quarter 2024 financial results, surpassing its guidance with a total revenue of $36.3 million. The company's core platform revenue stood at $35.6 million, with subscription revenue contributing $33.9 million and professional services adding $2.5 million. ON24 achieved positive adjusted EBITDA for the sixth consecutive quarter and a free cash flow of $2.1 million, marking a significant year-over-year improvement. Despite a slight quarter-over-quarter decline in core platform Annual Recurring Revenue (ARR) to $129.7 million, the company showed signs of year-over-year stabilization. ON24's AI-powered ACE solution is gaining traction, contributing to new customer acquisitions and retention, particularly in regulated industries like life sciences. Looking forward, ON24 aims for full-year profitability by 2025, driven by AI innovations and a stable customer base. The company also expects to return to ARR growth in 2025.
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