Stephen Fatone, CFO of ON24 Inc. (NYSE:ONTF), recently sold the company's shares as disclosed in a regulatory filing. according to InvestingPro On analysis, ON24 appears to be undervalued at its current price of US$6.44, with the company maintaining strong financial health metrics and a market capitalization of US$267 million. According to the filing, Vattuone sold a total of 1,522 shares of ON24 common stock. The trades were executed on January 15 and 17, at prices ranging from $6.50 to $6.5029 per share, for a total value of approximately $9,895. It is worth noting that while this individual sale occurred, InvestingPro The data reveals that management has been actively buying back stock, and the company maintains a strong balance sheet with more cash than debt.
Following these sales, Vattuone retained ownership of 542,864 shares in ON24. The sales were made pursuant to a prearranged trading plan approved on September 12, 2024, in accordance with Rule 10B5-1. While the company has reported negative earnings in the past twelve months, analysts are tracking this InvestingPro Predict profitability this year, with additional insights available in Pro Research's comprehensive report.
In other recent news, ON24 Inc. announced About many important developments. The company's financial results for the third quarter of 2024 showed revenue of $36.3 million, beating its guidance, with underlying platform revenue of $35.6 million. Adjusted EBITDA was positive for the sixth consecutive quarter, and free cash flow was $2.1 million, representing a significant year-over-year improvement. Despite a slight decline in core platform annual recurring revenue (ARR) compared to the previous quarter, the company showed a smaller year-over-year decline and a stable customer base.
In board-related news, long-serving director Irwin Federman will not run for re-election at the 2025 annual shareholder meeting. His departure did not stem from disagreements with company management or the board of directors. Meanwhile, ON24's AI-powered ACE solution is gaining traction, contributing to the acquisition and retention of new customers. The company aims to achieve full-year profitability in 2025, and expects 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 the third quarter supports this focus on growth and profitability.
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