Nuveen LLC Takes Position in ON24, Inc. $ONTF

Key Points

• Nuveen LLC has acquired a new position in ON24, Inc., purchasing 68,695 shares valued at approximately $357,000, representing 0.16% of the company's total shares.
• Several institutional investors have also increased their stakes in ON24, with Bridgeway Capital Management leading with a 50.9% increase, now holding over 363,000 shares.
• Wall Street Zen downgraded ON24 from a "buy" to a "hold" rating, reflecting a cautious outlook, while five analysts now rate the stock as a "hold."

Nuveen LLC acquired a new position in shares of ON24, Inc. (NYSE:ONTF - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 68,695 shares of the company's stock, valued at approximately $357,000. Nuveen LLC owned approximately 0.16% of ON24 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Bridgeway Capital Management LLC lifted its holdings in shares of ON24 by 50.9% in the fourth quarter. Bridgeway Capital Management LLC now owns 363,948 shares of the company's stock worth $2,351,000 after buying an additional 122,700 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of ON24 in the 4th quarter valued at about $777,000. P.A.W. Capital Corp raised its holdings in shares of ON24 by 113.3% in the 1st quarter. P.A.W. Capital Corp now owns 160,000 shares of the company's stock valued at $832,000 after acquiring an additional 85,000 shares in the last quarter. Millennium Management LLC raised its holdings in shares of ON24 by 84.8% in the 4th quarter. Millennium Management LLC now owns 142,387 shares of the company's stock valued at $920,000 after acquiring an additional 65,322 shares in the last quarter. Finally, Two Sigma Advisers LP raised its holdings in shares of ON24 by 11.4% in the 4th quarter. Two Sigma Advisers LP now owns 256,900 shares of the company's stock valued at $1,660,000 after acquiring an additional 26,200 shares in the last quarter. Hedge funds and other institutional investors own 83.93% of the company's stock.

Insider Transactions at ON24

In related news, insider Sharat Sharan sold 37,784 shares of the firm's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $5.16, for a total value of $194,965.44. Following the completion of the sale, the insider owned 3,575,339 shares of the company's stock, valued at $18,448,749.24. This trade represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Steven Vattuone sold 6,394 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $5.52, for a total value of $35,294.88. Following the completion of the sale, the chief financial officer directly owned 613,156 shares of the company's stock, valued at $3,384,621.12. The trade was a 1.03% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders purchased 81,242 shares of company stock worth $452,174 and sold 185,334 shares worth $997,076. 33.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut ON24 from a "buy" rating to a "hold" rating in a report on Friday. Five research analysts have rated the stock with a Hold rating, According to MarketBeat.com, ON24 presently has an average rating of "Hold" and an average price target of $5.33.

ON24 Price Performance

Shares of NYSE ONTF opened at $5.47 on Friday. ON24, Inc. has a one year low of $4.35 and a one year high of $7.03. The firm's 50 day simple moving average is $5.27 and its two-hundred day simple moving average is $5.28. The stock has a market capitalization of $231.22 million, a P/E ratio of -6.35 and a beta of 0.66.

ON24 announced that its Board of Directors has approved a share repurchase program on Monday, May 12th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 22.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

ON24 Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.