Steven Vattuone, the Chief Financial Officer of ON24 Inc. (NYSE:ONTF), a digital experience platform company with a market capitalization of $274 million, recently sold shares of the company, according to a Securities and Exchange Commission filing. According to InvestingPro analysis, the stock currently appears undervalued based on its Fair Value assessment. On January 3 and January 6, Vattuone sold a total of 24,000 shares of ON24's common stock. The sales were executed at weighted average prices ranging from $6.5868 to $6.6786 per share, amounting to a total transaction value of $165,278.
These transactions were part of a pre-arranged trading plan under Rule 10B5-1, which Vattuone adopted on September 12, 2024. Following these sales, Vattuone's direct ownership stands at 544,386 shares. Additionally, the filing noted that Vattuone exercised stock options to acquire 25,000 shares at a price of $1.23 per share, totaling $30,750.
In other recent news, ON24 Inc. announced the forthcoming departure of a long-standing board member, Irwin Federman, who 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 committees, and his tenure will continue until the next annual meeting. This development comes amidst the company's recent financial results for Q3 2024, where ON24 reported revenue of $36.3 million, exceeding its guidance, with a core platform revenue of $35.6 million. The company also achieved positive adjusted EBITDA for the sixth consecutive quarter and saw a considerable year-over-year improvement in free cash flow. Despite a slight decrease in core platform Annual Recurring Revenue (ARR), 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. The strong cash position of $188.8 million at the end of Q3 supports its growth and profitability focus for 2025.
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