Steven Vattuone, Chief Financial Officer of ON24 Inc. (NYSE:ONTF), recently sold shares of the company as disclosed in a regulatory filing. According to InvestingPro analysis, ON24 appears undervalued at its current price of $6.44, with the company maintaining strong financial health metrics and a market capitalization of $267 million. According to the filing, Vattuone sold a total of 1,522 shares of ON24's common stock. The transactions, executed on January 15 and January 17, were completed at prices ranging from $6.50 to $6.5029 per share, amounting to a total value of approximately $9,895. Notably, while this individual sale occurred, InvestingPro data reveals that management has been actively buying back shares, and the company maintains a strong balance sheet with more cash than debt.
Following these sales, Vattuone retains ownership of 542,864 shares of ON24. The sales were conducted under a pre-arranged trading plan adopted on September 12, 2024, in accordance with Rule 10B5-1. While the company reported negative earnings in the last twelve months, analysts tracked by InvestingPro predict profitability this year, with additional insights available in the comprehensive Pro Research Report.
In other recent news, ON24 Inc. has announced several significant developments. The company's Q3 2024 financial results showed revenue of $36.3 million, surpassing its guidance, with a core platform revenue of $35.6 million. Positive adjusted EBITDA was achieved for the sixth consecutive quarter, and the free cash flow was $2.1 million, marking a significant year-over-year improvement. Despite a slight decline in core platform Annual Recurring Revenue (ARR) from the previous quarter, the company displayed a smaller year-over-year decline and a stable customer base.
In board-related news, long-serving director Irwin Federman will not stand for reelection at the 2025 Annual Meeting of Stockholders. His departure does not stem from disagreements with the company's management or board. Meanwhile, ON24's AI-powered ACE solution is gaining traction, contributing to new customer acquisitions and retention. The company aims for full-year profitability in 2025, anticipating a return to ARR growth driven by AI innovations and a stable customer base. The company's strong cash position of $188.8 million at the end of Q3 supports this growth and profitability focus.
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