In a recent filing with the Securities and Exchange Commission, OneStream, Inc. (NASDAQ:OS) disclosed that several entities associated with Kohlberg Kravis Roberts & Co. (KKR) sold shares amounting to approximately $28.7 million. The transactions occurred on November 27, 2024, with shares sold at a price of $29.9925 each.
The reporting entities include KKR NGT (Dream) Blocker Parent L.P., KKR NGT (Dream) Blocker Parent (EEA) L.P., and KKR Associates NGT L.P., among others. These entities divested a total of 898,957 shares during the transaction.
The sales follow a series of conversions of Class D Common Stock into Class A Common Stock on November 26, 2024. These conversions were executed without any cash consideration, as the Class D shares are convertible on a one-for-one basis into Class A shares, according to the filing.
The transactions reflect the ongoing management and strategic decisions by KKR-affiliated entities in their holdings of OneStream, a company specializing in prepackaged software services.
In other recent news, OneStream Inc. announced a proposed underwritten public offering of 15 million shares of its Class A common stock. The offering comprises over 9 million shares from selling stockholders and nearly 6 million shares from OneStream itself. Proceeds from OneStream’s shares will be used to purchase LLC units from KKR Dream Holdings LLC. The offering is being led by Morgan Stanley (NYSE:), J.P. Morgan, and KKR.
In terms of financial performance, OneStream’s recent quarter results showed a 4% top-line beat and a $1 million increase in the forecast for the fourth quarter. The company’s subscription growth rate hit 39%, surpassing the estimated 35%. Analysts from Piper Sandler, BMO Capital, TD Cowen, and Loop Capital have all expressed confidence in OneStream’s growth trajectory, with Piper Sandler raising the price target to $37.
BMO Capital initiated coverage with an Outperform rating, emphasizing OneStream’s potential for market share growth and strong capabilities in data management, consolidation, and artificial intelligence/machine learning. The firm anticipates OneStream to surpass conservative near-term financial estimates, which could positively impact both revenue and earnings.
TD Cowen maintained its Buy rating on OneStream, highlighting the company’s solid growth trends and potential for further expansion. Loop Capital also reiterated a Buy rating, pointing to the company’s reduction in operating losses and the potential for market expansion. These recent developments suggest a positive outlook for OneStream.
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