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SAN FRANCISCO—Jayesh Sahasi, the Executive Vice President, Product and Chief Technology Officer of ON24 Inc. (NYSE:ONTF), recently sold a significant portion of the company’s common stock. According to a recent SEC filing, Sahasi offloaded shares worth approximately $82,272 over a series of transactions. InvestingPro analysis shows the company currently trades at $5.49, with analysts projecting profitability this year despite recent earnings forecast downgrades.
The sales took place on three consecutive days. On June 2, Sahasi sold 3,710 shares at an average price of $5.64 per share. The following day, he sold an additional 6,700 shares at an average price of $5.60. The final sale occurred on June 4, with 4,298 shares sold at an average price of $5.54. These transactions were executed under a pre-established Rule 10b5-1 trading plan. The company maintains strong financial health with a current ratio of 2.53 and more cash than debt on its balance sheet.
After these transactions, Sahasi retains direct ownership of 759,205 shares of ON24 common stock. The sales were made to cover tax withholding obligations related to the vesting of restricted stock units. Get deeper insights into ON24’s valuation and 8 additional key ProTips with a InvestingPro subscription, including exclusive access to comprehensive Pro Research Reports.
In other recent news, ON24 reported its first-quarter 2025 financial results, revealing a mixed performance with an earnings per share (EPS) of -$0.01, missing the forecasted $0.02. However, the company’s revenue for the quarter was $34.7 million, slightly exceeding the forecast of $34.28 million. Despite the EPS miss, ON24 maintained positive free cash flow for the fifth consecutive quarter. The company is also expanding its AI capabilities and customer base, with a focus on diversifying beyond traditional technology and manufacturing sectors. In a strategic move, ON24 appointed David Lee as the new Chief Marketing Officer to enhance its AI-powered engagement platform. Lee previously held leadership roles at Envestnet (NYSE:ENV) | Yodlee and SonicWall, among others. CEO Shiraz Shiran expressed optimism about future profitability, emphasizing the company’s commitment to achieving double-digit revenue growth and EBITDA margins. Additionally, the company announced a new $50 million share repurchase program, reflecting confidence in its long-term growth potential.
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