Michael Burkland, a director at OneStream, Inc. (NASDAQ:OS), recently sold 63,608 shares of the company's Class A Common Stock, according to a filing with the Securities and Exchange Commission. The shares were sold on November 18, 2024, at a public offering price of $31 per share, amounting to a total transaction value of approximately $1.97 million.
This sale follows a series of transactions involving the conversion of Class D Common Stock into Class A Common Stock, which Burkland executed on November 14, 2024. These transactions were part of a broader strategy to manage his holdings through the Burkland Family Trust. As a result of these transactions, Burkland no longer holds any shares of Class A Common Stock directly.
The transactions were disclosed in connection with OneStream's recent public offering, as detailed in the company's prospectus filed with the SEC.
In other recent news, OneStream Inc. announced a proposed public offering of 15 million shares of its Class A common stock, which includes nearly 6 million shares from OneStream and over 9 million shares from selling stockholders. Morgan Stanley (NYSE:MS), J.P. Morgan, and KKR are leading this offering. The proceeds from OneStream's shares will be used to buy LLC units from KKR Dream Holdings LLC.
In other developments, financial firms have given positive assessments of OneStream. Piper Sandler maintained an Overweight rating and raised the price target to $37, following a 4% top-line beat in the recent quarter results and a $1 million increase in the fourth quarter forecast. BMO Capital initiated coverage with an Outperform rating, emphasizing OneStream's potential for market share growth. TD Cowen maintained its Buy rating, highlighting the company's solid growth trends, while Loop Capital reiterated a Buy rating, pointing to the company's reduction in operating losses.
These developments suggest a positive outlook for OneStream, with various firms expressing confidence in the company's growth trajectory and market position. These are recent developments and investors are advised to continue monitoring the company's performance.
InvestingPro Insights
Following Michael Burkland's significant sale of OneStream, Inc. (NASDAQ:OS) shares, it's worth examining some key financial metrics and insights provided by InvestingPro to better understand the company's current position.
According to InvestingPro data, OneStream has a market capitalization of $7.07 billion, reflecting its substantial presence in the software industry. The company's revenue for the last twelve months as of Q3 2023 stood at $459.53 million, with a notable quarterly revenue growth of 20.69% in Q3 2023. This growth trajectory aligns with the company's recent public offering and insider transactions.
InvestingPro Tips highlight that OneStream holds more cash than debt on its balance sheet, indicating a strong liquidity position. This financial stability is further supported by the fact that the company's liquid assets exceed its short-term obligations. These factors may provide some context for the timing of Burkland's stock sale, as the company appears to be on solid financial footing.
However, it's important to note that OneStream is not currently profitable, with a negative P/E ratio of -26.38 for the last twelve months as of Q3 2023. Despite this, InvestingPro Tips reveal that analysts predict the company will be profitable this year, which could explain the recent insider activity and public offering.
The stock has experienced a 12.59% price total return over the past year, suggesting overall positive market sentiment. However, in the short term, OneStream's stock has taken a significant hit over the last week, with a 1-week price total return of -9.76%.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights beyond what's mentioned here. In fact, there are 8 more InvestingPro Tips available for OneStream, which could provide valuable context for understanding the company's financial health and market position.
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