Circumference Group LLC Acquires 54,000 Shares of ON24, Inc. (NYSE:ONTF)

Circumference Group LLC grew its position in shares of ON24, Inc. (NYSE:ONTF - Free Report) by 15.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 394,196 shares of the company's stock after purchasing an additional 54,000 shares during the quarter. ON24 accounts for 2.2% of Circumference Group LLC's portfolio, making the stock its 19th largest position. Circumference Group LLC owned about 0.95% of ON24 worth $2,547,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ONTF. Jane Street Group LLC boosted its stake in shares of ON24 by 91.2% during the 3rd quarter. Jane Street Group LLC now owns 61,122 shares of the company's stock worth $374,000 after acquiring an additional 29,148 shares in the last quarter. Barclays PLC raised its position in ON24 by 48.7% during the third quarter. Barclays PLC now owns 101,837 shares of the company's stock valued at $624,000 after buying an additional 33,352 shares during the period. SG Americas Securities LLC raised its position in ON24 by 38.1% during the fourth quarter. SG Americas Securities LLC now owns 14,092 shares of the company's stock valued at $91,000 after buying an additional 3,891 shares during the period. R Squared Ltd acquired a new stake in ON24 during the fourth quarter valued at $153,000. Finally, P.A.W. Capital Corp purchased a new position in ON24 in the fourth quarter valued at about $484,000. 83.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other ON24 news, major shareholder Lake Lp Lynrock bought 27,921 shares of ON24 stock in a transaction dated Monday, March 3rd. The shares were acquired at an average cost of $5.57 per share, with a total value of $155,519.97. Following the acquisition, the insider now directly owns 7,357,680 shares of the company's stock, valued at $40,982,277.60. The trade was a 0.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Sharat Sharan sold 39,196 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $5.23, for a total value of $204,995.08. Following the completion of the transaction, the insider now directly owns 3,164,092 shares in the company, valued at $16,548,201.16. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have bought 206,529 shares of company stock valued at $1,174,541 and have sold 150,296 shares valued at $838,166. 32.30% of the stock is owned by company insiders.

ON24 Stock Performance

Shares of ON24 stock traded up $0.23 during trading on Tuesday, reaching $5.42. The company's stock had a trading volume of 137,377 shares, compared to its average volume of 129,716. ON24, Inc. has a one year low of $4.35 and a one year high of $7.03. The firm has a market cap of $230.21 million, a price-to-earnings ratio of -5.21 and a beta of 0.56. The business's fifty day moving average price is $5.04 and its 200-day moving average price is $6.00.

ON24 declared that its board has initiated a stock repurchase program on Monday, May 12th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to buy up to 22.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

ONTF has been the topic of a number of recent research reports. Canaccord Genuity Group lowered their target price on ON24 from $9.00 to $5.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. William Blair restated a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. JPMorgan Chase & Co. cut their target price on ON24 from $7.00 to $6.00 and set a "neutral" rating on the stock in a report on Wednesday, February 26th. Needham & Company LLC restated a "hold" rating on shares of ON24 in a report on Wednesday, February 26th. Finally, Robert W. Baird cut their target price on ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $5.33.

About ON24

ON24, Inc provides a cloud-based intelligent engagement platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 Elite, for live and interactive webinar experience; ON24 Breakouts, for live breakout room experience that facilitates networking, collaboration, and interactivity between users; ON24 Forums, for live and interactive experience, which facilitates video-to-video interaction between presenters and audiences; ON24 Go Live, for live and interactive video event experience that enables presenters and attendees to engage face-to-face in real-time; and ON24 Virtual Confrence, for live and large scale managed virtual event experience.