SAN FRANCISCO—Blackie James, the Chief Revenue Officer at ON24 Inc. (NYSE:ONTF), a digital experience platform provider with a market capitalization of $277 million and strong balance sheet showing more cash than debt, recently sold shares of the company's common stock, according to a regulatory filing. The transactions, which took place over three consecutive days, amounted to a total value of $84,645.
On December 2, James sold 3,581 shares at a weighted average price of $6.6344 per share. The sales continued on December 3, with 2,809 shares sold at a weighted average price of $6.6043. The final day of sales was December 4, when 6,324 shares were sold at a weighted average price of $6.6945.
These transactions were executed under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan for selling stocks. The sales were made to cover tax withholding obligations related to the vesting of restricted stock units. Following these transactions, James holds 408,473 shares of ON24.
In other recent news, ON24 reported its Q3 2024 results, showing a revenue of $36.3 million, surpassing its guidance. The company's core platform revenue stood at $35.6 million, with subscription revenue contributing $33.9 million and professional services adding $2.5 million. Despite a slight quarter-over-quarter decline in core platform Annual Recurring Revenue (ARR) to $129.7 million, ON24 has shown signs of stabilization year-over-year.
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, driven by AI innovations and a stable customer base. The company also reported positive adjusted EBITDA and free cash flow for the sixth consecutive quarter.
ON24 has set its Q4 total revenue forecast between $35.4 million and $36.4 million, with core platform revenue projected between $143.6 million and $144.6 million for the full year 2024. Despite expecting a sequential reduction of core ARR in Q4 by 1% to 2%, ON24 sees gross ARR trending positively. These recent developments reflect ON24's strategic focus on growth and profitability.
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