SAN FRANCISCO—Blackie James, Chief Revenue Officer of ON24 Inc. (NYSE:ONTF), a digital experience platform provider with a market capitalization of $276 million, recently sold shares of the company’s common stock. According to InvestingPro data, the company maintains strong financial health with a current ratio of 2.75x and minimal debt-to-equity of 0.02x. According to a filing with the Securities and Exchange Commission, James sold a total of 3,121 shares on December 5, 2024, at a weighted average price of $6.5643 per share. The transactions, amounting to approximately $20,487, were conducted under a prearranged 10b5-1 trading plan adopted on September 14, 2023. The stock currently trades at $6.80, and InvestingPro’s Fair Value analysis suggests the stock is slightly undervalued.
The sales were made to cover tax withholding obligations related to the vesting of restricted stock units. Following the transactions, James retains ownership of 405,352 shares of ON24’s common stock. The shares were sold in multiple transactions, with prices ranging from $6.50 to $6.62 per share. Get access to 8 additional InvestingPro Tips and comprehensive financial analysis in the Pro Research Report, including insights on management’s share buyback activity and the company’s strong balance sheet position.
In other recent news, ON24 has reported its third quarter 2024 financial results, witnessing a mix of positive developments and cautious outlooks. The company’s revenue was reported at $36.3 million, surpassing its guidance, with a core platform revenue of $35.6 million. ON24 achieved positive adjusted EBITDA for the sixth consecutive quarter, and the free cash flow stood at $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, 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 aims for full-year profitability by 2025, with positive adjusted EBITDA and EPS in 2024, and targeting double-digit EBITDA margins in the long term. ON24 anticipates returning to ARR growth in 2025, driven by AI innovations and a stable customer base. The company forecasts Q4 total revenue between $35.4 million and $36.4 million, with core platform revenue projected between $143.6 million and $144.6 million for the full year 2024. With a strong cash position of $188.8 million at the end of Q3, ON24 supports its growth and profitability focus for 2025.
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