Palogic Value Management L.P. Has $1.68 Million Holdings in ON24, Inc. (NYSE:ONTF)

Palogic Value Management L.P. decreased its position in shares of ON24, Inc. (NYSE:ONTF - Free Report) by 21.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 260,000 shares of the company's stock after selling 71,800 shares during the period. Palogic Value Management L.P. owned 0.62% of ON24 worth $1,680,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of ONTF. JPMorgan Chase & Co. boosted its position in ON24 by 43.5% during the fourth quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company's stock valued at $5,307,000 after purchasing an additional 249,045 shares during the last quarter. Bridgeway Capital Management LLC boosted its stake in shares of ON24 by 50.9% during the 4th quarter. Bridgeway Capital Management LLC now owns 363,948 shares of the company's stock worth $2,351,000 after acquiring an additional 122,700 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of ON24 during the 4th quarter worth about $777,000. P.A.W. Capital Corp bought a new stake in shares of ON24 during the 4th quarter worth about $484,000. Finally, Norges Bank bought a new stake in shares of ON24 during the 4th quarter worth about $428,000. Institutional investors and hedge funds own 83.93% of the company's stock.

ON24 Price Performance

ONTF remained flat at $5.70 during mid-day trading on Friday. The company's stock had a trading volume of 210,195 shares, compared to its average volume of 136,966. The stock has a 50 day moving average price of $5.00 and a two-hundred day moving average price of $5.91. The company has a market cap of $242.11 million, a PE ratio of -5.48 and a beta of 0.56. ON24, Inc. has a 52-week low of $4.35 and a 52-week high of $7.04.

ON24 announced that its board has initiated a share repurchase plan on Monday, May 12th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 22.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have recently issued reports on ONTF. JPMorgan Chase & Co. decreased their price target on ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. Robert W. Baird decreased their price target on ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. 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 note on Thursday, May 8th. Needham & Company LLC reiterated a "hold" rating on shares of ON24 in a research note on Wednesday, February 26th. 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, Based on data from MarketBeat, ON24 presently has an average rating of "Hold" and an average price target of $5.33.

Insiders Place Their Bets

In other news, major shareholder Lake Lp Lynrock purchased 27,921 shares of the company's stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $5.81 per share, with a total value of $162,221.01. Following the purchase, the insider now directly owns 7,469,364 shares of the company's stock, valued at $43,397,004.84. This trade represents a 0.38% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Steven Vattuone sold 22,047 shares of ON24 stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $5.63, for a total value of $124,124.61. Following the completion of the sale, the chief financial officer now directly owns 490,800 shares in the company, valued at $2,763,204. This represents a 4.30% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 423,492 shares of company stock worth $2,353,182 and have sold 167,556 shares worth $908,520. Corporate insiders own 33.00% of the company's stock.

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.