Palogic Value Management L.P. Buys 60,000 Shares of ON24, Inc. $ONTF

Key Points

• Palogic Value Management L.P. increased its stake in ON24, Inc. by 23.1%, owning a total of 320,000 shares worth approximately $1.66 million.
• Analysts have set new price targets for ON24, with Canaccord Genuity lowering its target from $9.00 to $5.00 while Wall Street Zen upgraded the stock from "hold" to "buy."
• ON24's Board of Directors has initiated a share buyback plan authorizing the company to repurchase up to $50 million in shares, reflecting a belief that its stock is undervalued.

Palogic Value Management L.P. raised its stake in ON24, Inc. (NYSE:ONTF - Free Report) by 23.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 320,000 shares of the company's stock after purchasing an additional 60,000 shares during the quarter. Palogic Value Management L.P. owned 0.75% of ON24 worth $1,664,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. AQR Capital Management LLC lifted its position in ON24 by 15.9% in the first quarter. AQR Capital Management LLC now owns 21,741 shares of the company's stock valued at $113,000 after purchasing an additional 2,989 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of ON24 by 25.6% in the 4th quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock worth $112,000 after buying an additional 3,518 shares during the last quarter. Squarepoint Ops LLC grew its position in shares of ON24 by 56.6% in the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock worth $102,000 after buying an additional 5,713 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of ON24 by 3.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 188,836 shares of the company's stock worth $982,000 after buying an additional 7,139 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of ON24 by 18.6% in the 4th quarter. Bank of America Corp DE now owns 47,999 shares of the company's stock worth $310,000 after buying an additional 7,531 shares during the last quarter. Institutional investors own 83.93% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Canaccord Genuity Group cut their price objective on ON24 from $9.00 to $5.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. Wall Street Zen upgraded ON24 from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Robert W. Baird cut their price objective on ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, ON24 has an average rating of "Hold" and an average price target of $5.33.

Insider Activity

In other news, CFO Steven Vattuone sold 22,048 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $5.55, for a total value of $122,366.40. Following the completion of the transaction, the chief financial officer owned 634,532 shares in the company, valued at $3,521,652.60. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Lake Lp Lynrock acquired 47,692 shares of the stock in a transaction on Monday, June 9th. The shares were bought at an average price of $5.57 per share, with a total value of $265,644.44. Following the purchase, the insider directly owned 8,212,732 shares of the company's stock, valued at $45,744,917.24. The trade was a 0.58% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 195,233 shares of company stock worth $1,089,983 and sold 224,556 shares worth $1,217,432. 33.00% of the stock is currently owned by company insiders.

ON24 Stock Down 0.1%

ONTF opened at $5.74 on Friday. The stock has a market cap of $242.65 million, a PE ratio of -6.67 and a beta of 0.65. The business has a 50 day moving average of $5.25 and a 200-day moving average of $5.33. ON24, Inc. has a 52 week low of $4.35 and a 52 week high of $7.03.

ON24 declared that its Board of Directors has initiated a share buyback plan on Monday, May 12th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 22.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

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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