Trempont Dominique, a director at ON24 Inc. (NYSE:ONTF), a $290 million market cap company trading at $6.94 per share, recently sold shares of the company, according to a filing with the Securities and Exchange Commission. On December 12, Dominique sold 4,250 shares of common stock at an average price of $6.9777 per share. The transactions, carried out under a Rule 10B5-1 trading plan adopted on September 12, 2024, resulted in a total sale value of $29,655. Following this transaction, Dominique holds 263,100 shares in the company. According to InvestingPro data, ON24 maintains a strong balance sheet with more cash than debt, while the stock has gained over 27% in the past six months.
The shares were sold in multiple transactions within a price range of $6.9200 to $7.0100. The director's sale reflects a strategic decision made under a pre-established trading plan, a common practice among executives to manage stock holdings while complying with insider trading regulations. InvestingPro analysis suggests the stock is slightly undervalued at current levels, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US stocks.
In other recent news, ON24, a leading webinar and virtual event platform, reported its third quarter 2024 financial results, which showed a mix of positive developments and cautious outlooks. The company's revenue was $36.3 million, surpassing its guidance, with a core platform revenue of $35.6 million. Subscription revenue contributed $33.9 million to the total, while professional services added $2.5 million. ON24 achieved positive adjusted EBITDA for the sixth consecutive quarter, and the free cash flow stood at $2.1 million. Despite a slight decline in core platform Annual Recurring Revenue (ARR) from the previous quarter, down about 1% to $129.7 million, the company showcased a smaller year-over-year decline and a stabilizing customer base. ON24's AI-powered ACE solution is gaining traction, aiding in new customer acquisitions and retention. The company is focusing on the enterprise market, with a particular emphasis on regulated industries such as life sciences. Looking forward, ON24 set its sights on achieving full-year profitability by 2025, with positive adjusted EBITDA and EPS in 2024, and targeting double-digit EBITDA margins in the long term. The company expects to return to ARR growth in 2025, driven by AI innovations and a stable customer base.
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