Acadian Asset Management LLC Boosts Stock Holdings in ON24, Inc. $ONTF

Key Points

• Acadian Asset Management LLC increased its stake in ON24, Inc. by 18.0% during the first quarter, now holding 830,851 shares valued at approximately $4.32 million.
• Insider sales revealed that CRO James Blackie sold 4,592 shares at an average price of $5.52, decreasing their ownership by 0.89%.
• Wall Street analysts have downgraded ON24 from a "buy" to a "hold" rating, with a consensus price target of $5.33.

Acadian Asset Management LLC raised its position in ON24, Inc. (NYSE:ONTF - Free Report) by 18.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 830,851 shares of the company's stock after acquiring an additional 127,010 shares during the quarter. Acadian Asset Management LLC owned approximately 1.96% of ON24 worth $4,319,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ONTF. BNP Paribas Financial Markets purchased a new position in shares of ON24 in the fourth quarter valued at about $777,000. Bank of America Corp DE grew its holdings in ON24 by 18.6% in the fourth quarter. Bank of America Corp DE now owns 47,999 shares of the company's stock worth $310,000 after purchasing an additional 7,531 shares during the period. Millennium Management LLC lifted its position in ON24 by 84.8% during the fourth quarter. Millennium Management LLC now owns 142,387 shares of the company's stock valued at $920,000 after purchasing an additional 65,322 shares during the period. Two Sigma Advisers LP lifted its position in ON24 by 11.4% during the fourth quarter. Two Sigma Advisers LP now owns 256,900 shares of the company's stock valued at $1,660,000 after purchasing an additional 26,200 shares during the period. Finally, Two Sigma Investments LP lifted its position in ON24 by 11.9% during the fourth quarter. Two Sigma Investments LP now owns 175,366 shares of the company's stock valued at $1,133,000 after purchasing an additional 18,647 shares during the period. Hedge funds and other institutional investors own 83.93% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of ON24 from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $5.33.

Insider Activity

In related news, CRO James Blackie sold 4,592 shares of the firm's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $5.52, for a total transaction of $25,347.84. Following the completion of the transaction, the executive directly owned 512,852 shares of the company's stock, valued at approximately $2,830,943.04. This trade represents a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jayesh Sahasi sold 4,608 shares of the firm's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $5.52, for a total transaction of $25,436.16. Following the transaction, the insider directly owned 737,913 shares of the company's stock, valued at $4,073,279.76. The trade was a 0.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 224,599 shares of company stock valued at $1,220,718. 33.00% of the stock is currently owned by company insiders.

ON24 Stock Performance

Shares of NYSE ONTF traded down $0.09 during midday trading on Friday, reaching $5.76. The stock had a trading volume of 289,776 shares, compared to its average volume of 146,030. The stock has a 50-day moving average of $5.31 and a 200-day moving average of $5.26. The company has a market capitalization of $243.71 million, a price-to-earnings ratio of -6.70 and a beta of 0.66. ON24, Inc. has a 12-month low of $4.35 and a 12-month high of $7.03.

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.