Millennium Management LLC Has $920,000 Stock Position in ON24, Inc. (NYSE:ONTF)

Millennium Management LLC increased its position in shares of ON24, Inc. (NYSE:ONTF - Free Report) by 84.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 142,387 shares of the company's stock after purchasing an additional 65,322 shares during the quarter. Millennium Management LLC owned approximately 0.34% of ON24 worth $920,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ONTF. SG Americas Securities LLC increased its position in shares of ON24 by 38.1% during the 4th quarter. SG Americas Securities LLC now owns 14,092 shares of the company's stock worth $91,000 after purchasing an additional 3,891 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of ON24 by 25.6% during the 4th quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock worth $112,000 after purchasing an additional 3,518 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of ON24 during the 4th quarter worth about $175,000. American Century Companies Inc. increased its position in shares of ON24 by 39.2% during the 4th quarter. American Century Companies Inc. now owns 31,162 shares of the company's stock worth $201,000 after purchasing an additional 8,776 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of ON24 during the 4th quarter worth about $210,000. Institutional investors and hedge funds own 83.93% of the company's stock.

ON24 Stock Up 1.2%

Shares of NYSE:ONTF opened at $5.55 on Friday. ON24, Inc. has a 12 month low of $4.35 and a 12 month high of $7.04. The company's 50-day moving average price is $5.01 and its two-hundred day moving average price is $5.89. The firm has a market cap of $235.91 million, a P/E ratio of -5.34 and a beta of 0.66.

ON24 announced that its Board of Directors has authorized a share repurchase plan on Monday, May 12th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 22.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

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

Insider Activity

In other ON24 news, major shareholder Lake Lp Lynrock bought 24,576 shares of ON24 stock in a transaction dated Monday, May 12th. The shares were bought at an average price of $5.16 per share, with a total value of $126,812.16. Following the purchase, the insider now owns 7,684,050 shares of the company's stock, valued at $39,649,698. This trade represents a 0.32% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Anil Arora bought 8,661 shares of ON24 stock in a transaction dated Thursday, March 13th. The stock was acquired at an average cost of $5.65 per share, for a total transaction of $48,934.65. Following the purchase, the director now directly owns 126,048 shares in the company, valued at approximately $712,171.20. The trade was a 7.38% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 503,070 shares of company stock valued at $2,794,918 and have sold 180,982 shares valued at $982,793. Insiders own 33.00% of the company's stock.

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.

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