Steven Vattuone, Chief Financial Officer of ON24 Inc. (NYSE:ONTF), recently sold shares in the company as disclosed in a regulatory filing. According to InvestingPro analysis, ON24 appears to be undervalued at its current price of $6.44, with the company maintaining strong financial health metrics and a market capitalization of $267 million. Vattuone sold a total of 1,522 shares of ON24 common stock, according to the filing. The transactions, executed on January 15 and January 17, were completed at prices ranging from $6.50 to $6.5029 per share, for a total value of approximately $9,895. Namely, while this individual sale took place, 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 ON24 shares. The sale was executed according to a pre-arranged trading plan adopted on September 12, 2024, in accordance with Rule 10B5-1. While the company reported negative earnings for the trailing twelve months, analysts followed suit 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, which exceeded its guidance, with core platform revenue of $35.6 million. Adjusted EBITDA was positive for the sixth consecutive quarter and free cash flow was $2.1 million, a significant improvement over last year. Despite a slight decline in core platform annualized return (ARR) compared to the previous quarter, the company showed a smaller year-over-year decline and a stable customer base.
In board-related news, longtime director Irwin Federman will not seek re-election at the 2025 annual meeting of shareholders. His departure does not stem from disagreements with management or company management. Meanwhile, ON24’s AI-powered ACE solution is gaining traction, helping to acquire and retain new customers. The company is targeting full-year profitability in 2025, anticipating a return to ARR growth driven by AI innovation and a stable customer base. The company’s strong cash position of $188.8 million at the end of the third quarter supports this focus on growth and profitability.
This article was generated with the help of AI and reviewed by an editor. See our T&C for more information.
