SAN FRANCISCO—Steven Vattuone, Chief Financial Officer of ON24 Inc. (NYSE:ONTF), recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The transactions, executed under a pre-established trading plan, took place over two consecutive days. ON24, currently valued at $272.4 million, maintains a strong balance sheet with more cash than debt, according to InvestingPro data.
On January 21, Vattuone sold 4,997 shares at a weighted average price of approximately $6.52 per share. The following day, he sold an additional 3,481 shares at a similar weighted average price. The total value of these transactions amounted to $55,220, with prices ranging from $6.50 to $6.54 per share on January 21 and from $6.50 to $6.53 per share on January 22. While the stock currently trades near $6.56, InvestingPro analysis suggests the company is slightly undervalued, with analysts setting price targets between $7 and $9.
Following these transactions, Vattuone retains ownership of 534,386 shares of ON24, a provider of cloud-based digital experience platforms. These sales were conducted as part of a Rule 10B5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks to avoid potential conflicts of interest. The company's next earnings report is scheduled for March 4, 2025, and analysts expect a return to profitability this year, based on InvestingPro's comprehensive analysis of over 30 financial metrics.
In other recent news, ON24 Inc. has reported notable developments in its Q3 2024 financial results. The company's revenue was $36.3 million, surpassing its guidance, with a core platform revenue of $35.6 million. Additionally, ON24 achieved positive adjusted EBITDA for the sixth consecutive quarter, and the free cash flow was $2.1 million, a significant year-over-year improvement of $14.5 million. Despite a minor dip in core platform Annual Recurring Revenue (ARR) from the previous quarter, down about 1% to $129.7 million, the company displayed a smaller year-over-year decline and a stabilizing customer base. ON24's AI-powered ACE solution is gaining traction, contributing to new customer acquisitions and retention. The company is targeting full-year profitability in 2025, anticipating a return to ARR growth driven by AI innovations and a stable customer base. Furthermore, ON24 Inc. announced the upcoming departure of a long-serving member of its board of directors, Irwin Federman, who will not stand for reelection at the 2025 Annual Meeting of Stockholders. This change does not stem from any disagreements with the company's management, the board, or any of its committees.
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