Millennium Management LLC Buys 65,322 Shares of ON24, Inc. (NYSE:ONTF)

Millennium Management LLC boosted its holdings in ON24, Inc. (NYSE:ONTF - Free Report) by 84.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 142,387 shares of the company's stock after acquiring an additional 65,322 shares during the quarter. Millennium Management LLC owned 0.34% of ON24 worth $920,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ONTF. SG Americas Securities LLC lifted its holdings in shares of ON24 by 38.1% in the fourth quarter. SG Americas Securities LLC now owns 14,092 shares of the company's stock valued at $91,000 after purchasing an additional 3,891 shares in the last quarter. P.A.W. Capital Corp purchased a new position in ON24 during the 4th quarter worth $484,000. Bank of New York Mellon Corp grew its stake in shares of ON24 by 13.6% in the 4th quarter. Bank of New York Mellon Corp now owns 85,356 shares of the company's stock worth $551,000 after acquiring an additional 10,192 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of ON24 by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company's stock worth $1,842,000 after acquiring an additional 2,189 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of ON24 by 39.2% in the fourth quarter. American Century Companies Inc. now owns 31,162 shares of the company's stock valued at $201,000 after purchasing an additional 8,776 shares during the last quarter. Institutional investors and hedge funds own 83.93% of the company's stock.

Insider Buying and Selling at ON24

In related news, CFO Steven Vattuone sold 7,316 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $5.60, for a total value of $40,969.60. Following the sale, the chief financial officer now directly owns 663,720 shares of the company's stock, valued at $3,716,832. This represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Lake Lp Lynrock acquired 38,022 shares of the stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $5.75 per share, with a total value of $218,626.50. Following the transaction, the insider now directly owns 7,583,430 shares of the company's stock, valued at approximately $43,604,722.50. This trade represents a 0.50% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 465,048 shares of company stock worth $2,583,515 and have sold 193,055 shares worth $1,049,559. Corporate insiders own 33.00% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on ONTF. JPMorgan Chase & Co. cut their price target 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. 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 research note on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of ON24 in a report on Wednesday, February 26th. Canaccord Genuity Group decreased their price target on ON24 from $9.00 to $5.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Finally, William Blair reiterated a "market perform" rating on shares of ON24 in a research note on Wednesday, February 26th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $5.33.

ON24 Stock Performance

Shares of NYSE ONTF traded up $0.04 during mid-day trading on Monday, hitting $5.57. The stock had a trading volume of 169,385 shares, compared to its average volume of 137,423. The firm has a market cap of $236.59 million, a P/E ratio of -5.36 and a beta of 0.66. The business has a 50 day moving average price of $5.02 and a two-hundred day moving average price of $5.88. ON24, Inc. has a 1 year low of $4.35 and a 1 year high of $7.04.

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

ON24 Profile

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.