Steven Vattuone, Chief Financial Officer of ON24 Inc. (NYSE:ONTF), has reported selling shares worth approximately $203,748, according to a recent SEC filing. The transactions occurred over several days, with shares sold at prices ranging from $6.6525 to $6.9601. The company, currently valued at $273 million, trades near $6.51 per share, with analysts setting price targets between $7 and $9. According to InvestingPro analysis, ON24 maintains a FAIR financial health score.
The sales, executed under a Rule 10b5-1 trading plan, involved a total of 30,329 shares of common stock. Following these transactions, Vattuone retains direct ownership of 544,386 shares in the company.
Additionally, Vattuone exercised stock options to acquire 10,000 shares at a price of $1.23 per share, adding to his holdings. The stock option exercise reflects a transaction value of $12,300.
In other recent news, ON24 Inc. has reported notable developments, primarily concerning its financial performance and board of directors. The company's Q3 2024 financial results showcased revenue of $36.3 million, exceeding its guidance, and a core platform revenue of $35.6 million, contributing to the company's positive adjusted EBITDA for the sixth consecutive quarter. Despite a slight quarter-over-quarter decline in core platform Annual Recurring Revenue (ARR), down about 1% to $129.7 million, ON24's AI-powered ACE solution is gaining traction, aiding in new customer acquisitions and retention.
Another significant development is the upcoming departure of a long-serving member of its board of directors, Irwin Federman, who has been part of the ON24 Inc. board since March 2000. He will not stand for reelection at the 2025 Annual Meeting of Stockholders. His decision to leave does not stem from any disagreements with the company's management, the board, or any of its committees.
Looking ahead, ON24 is targeting 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 its growth and profitability focus for 2025. The leadership team emphasized their strategic focus on optimizing execution and enhancing solution offerings to drive growth, profitability, and cash flow. These recent developments provide a snapshot of ON24's current position and future direction.
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