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Sharan Sharat, President and Chief Executive of ON24 Inc. (NYSE:ONTF), recently sold shares worth $224,201, according to a filing with the Securities and Exchange Commission. The transaction, executed on January 13, involved the sale of 36,189 shares at a weighted average price of $6.1953 per share. The shares were sold as part of a Rule 10b5-1 trading plan that Sharat adopted in June 2024. According to InvestingPro data, ON24 currently trades at $6.44, with management actively buying back shares, suggesting continued confidence in the company's value proposition.
In addition to the sale, Sharat also exercised stock options to acquire 62,205 shares at a price of $0.86 per share, totaling $53,496. Following these transactions, Sharat now directly owns 3,113,728 shares of ON24.
The stock sale was carried out in multiple transactions, with prices ranging from $6.09 to $6.245 per share. Sharat remains a significant stakeholder in the company, serving as both a director and a ten percent owner.
In other recent news, ON24 Inc. announced significant developments in its financial performance and board composition. The company reported Q3 2024 financial results, revealing a revenue of $36.3 million, exceeding its guidance, and a core platform revenue of $35.6 million. Notably, ON24 achieved positive adjusted EBITDA for the sixth consecutive quarter, and the free cash flow was $2.1 million, a substantial year-over-year improvement of $14.5 million.
In board-related news, Irwin Federman, a long-serving member of the ON24 Inc. board, will not stand for reelection at the 2025 Annual Meeting of Stockholders. His decision is not due to disagreements with the company's management, board, or any of its committees.
Looking ahead, ON24 is targeting full-year profitability in 2025, expecting 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 focus on growth and profitability. These are among the recent developments at ON24 Inc.
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