SAN FRANCISCO—Steven Vattuone, Chief Financial Officer of ON24 Inc. (NYSE:ONTF), a $276 million market cap company currently trading near its 52-week low range, recently sold a portion of his holdings in the company. According to InvestingPro analysis, the company maintains a strong balance sheet with more cash than debt, despite recent market challenges. According to a filing with the Securities and Exchange Commission, Vattuone sold a total of 3,720 shares of common stock on December 5, 2024. The shares were sold at a weighted average price of $6.5643, resulting in a total transaction value of approximately $24,419. While the stock appears undervalued based on InvestingPro‘s Fair Value analysis, analysts maintain a hold recommendation with price targets ranging from $7 to $9.
These transactions were conducted under a Rule 10b5-1 trading plan, which was adopted by Vattuone on September 14, 2023. The sales were made to cover tax withholding obligations related to the vesting of restricted stock units. Following these sales, Vattuone holds 564,715 shares directly.
The shares were sold in multiple transactions with prices ranging from $6.50 to $6.62. Vattuone has committed to providing full details of the individual transactions upon request.
In other recent news, ON24, a prominent webinar and virtual event platform, reported a third quarter 2024 revenue of $36.3 million, surpassing its guidance. The company’s core platform revenue stood at $35.6 million, with subscription revenue contributing $33.9 million. Despite a marginal decline in core platform Annual Recurring Revenue (ARR), down about 1% to $129.7 million, the company displayed a smaller year-over-year decline and a stabilizing customer base.
The company’s AI-powered ACE solution is gaining traction, aiding in new customer acquisitions and retention. Moreover, ON24 is focusing on the enterprise market, particularly regulated industries such as life sciences. These recent developments have led to the return of former customers and an optimistic outlook for the future.
ON24 has 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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