SAN FRANCISCO—Blackie James, Chief Revenue Officer of ON24 Inc. (NYSE:ONTF), recently engaged in a series of stock transactions as reported in a recent SEC filing. According to InvestingPro data, ON24's stock currently trades at $6.51, with analysis suggesting the stock is currently undervalued. On December 16, James sold 8,000 shares of ON24 common stock, generating a total of approximately $55,689. The shares were sold at a weighted average price of $6.9612, with individual transactions ranging from $6.89 to $7.00. The company maintains a strong financial position, with more cash than debt on its balance sheet and a healthy current ratio of 2.75x.
In addition to the sale, James executed an option to acquire 8,000 shares at an exercise price of $0.99 per share. This transaction was part of a pre-established Rule 10B5-1 trading plan adopted earlier this year. Following these transactions, James holds 405,352 shares of ON24 common stock. Get deeper insights into ON24's insider trading patterns and comprehensive financial analysis with a InvestingPro subscription, which includes access to detailed Pro Research Reports.
In other recent news, ON24 Inc. has been in the spotlight with a blend of promising developments and prudent forecasts. The company's Q3 2024 financial results showed a revenue of $36.3 million, exceeding its guidance, and a core platform revenue of $35.6 million. ON24 achieved positive adjusted EBITDA for the sixth consecutive quarter, and the free cash flow was $2.1 million, marking a significant year-over-year improvement.
The company also reported a slight dip in core platform Annual Recurring Revenue (ARR) from the previous quarter, down about 1% to $129.7 million. However, ON24's AI-powered ACE solution is gaining traction, contributing to new customer acquisitions and retention. The company is targeting full-year profitability in 2025, anticipating a return to ARR growth driven by AI innovations and a stable customer base.
In other developments, ON24 announced the upcoming departure of a long-serving member of its board of directors, Irwin Federman, who will not stand for reelection at the 2025 Annual Meeting of Stockholders. The company maintains a strong balance sheet with more cash than debt, supporting its growth and profitability focus for 2025. These are the recent developments shaping ON24's trajectory.
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