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Sharan Sharat, the President and Chief Executive Officer of ON24 Inc. (NYSE:ONTF), a company with a market capitalization of $274 million, recently sold 39,118 shares of the company's common stock, according to a regulatory filing. According to InvestingPro data, while this insider sale occurred, management has been actively buying back shares. The shares were sold at a weighted average price of $6.4484, amounting to a total transaction value of approximately $252,248. This transaction was executed on December 31, 2024, as part of a pre-arranged Rule 10b5-1 trading plan adopted by Sharat in June 2024. The company maintains strong financial health with a current ratio of 2.75 and holds more cash than debt on its balance sheet.
The sales were conducted to cover tax withholding obligations related to the vesting of restricted stock units. Following the transaction, Sharat retains ownership of 3,087,712 shares in ON24. The shares were sold in multiple transactions with prices ranging from $6.41 to $6.50. While currently unprofitable, InvestingPro analysis indicates analysts expect the company to turn profitable this year. Get access to 7 more key insights about ON24 with InvestingPro's comprehensive research report.
In other recent news, ON24 Inc. has reported its Q3 2024 financial results, displaying a blend of promising developments and prudent forecasts. The company's revenue was $36.3 million, surpassing its guidance, with 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, a significant year-over-year improvement of $14.5 million. Despite a slight decline in core platform Annual Recurring Revenue (ARR) from the previous quarter, down about 1% to $129.7 million, the company showcased a smaller year-over-year decline and a stabilizing customer base.
In a recent filing with the Securities and Exchange Commission, ON24 Inc. 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. His decision does not stem from disagreements with the company's management, the board, or any of its committees. As part of recent developments, ON24's AI-powered ACE solution is gaining traction, contributing to new customer acquisitions and retention, and the company 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.
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