P.A.W. Capital Corp Buys 85,000 Shares of ON24, Inc. (NYSE:ONTF)

P.A.W. Capital Corp lifted its holdings in shares of ON24, Inc. (NYSE:ONTF - Free Report) by 113.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,000 shares of the company's stock after buying an additional 85,000 shares during the quarter. ON24 comprises 2.1% of P.A.W. Capital Corp's investment portfolio, making the stock its 12th biggest position. P.A.W. Capital Corp owned about 0.38% of ON24 worth $832,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its stake in 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 purchasing an additional 10,192 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of ON24 by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company's stock worth $1,842,000 after buying an additional 2,189 shares in the last quarter. American Century Companies Inc. boosted its position 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 acquiring an additional 8,776 shares during the period. Horrell Capital Management Inc. grew its stake in ON24 by 15.9% during the fourth quarter. Horrell Capital Management Inc. now owns 394,196 shares of the company's stock valued at $2,547,000 after acquiring an additional 54,000 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in ON24 by 43.5% during the 4th quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company's stock worth $5,307,000 after acquiring an additional 249,045 shares during the period. 83.93% of the stock is owned by institutional investors.

Insider Buying and Selling at ON24

In other news, insider Sharat Sharan sold 61,467 shares of the company's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $5.47, for a total value of $336,224.49. Following the completion of the transaction, the insider directly owned 3,550,917 shares in the company, valued at approximately $19,423,515.99. This represents a 1.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Lake Lp Lynrock acquired 47,692 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were purchased at an average cost of $5.57 per share, for a total transaction of $265,644.44. Following the completion of the acquisition, the insider owned 8,212,732 shares in the company, valued at $45,744,917.24. This represents a 0.58% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 461,546 shares of company stock valued at $2,547,766 and sold 213,593 shares valued at $1,168,172. 33.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Canaccord Genuity Group cut their price target on shares of ON24 from $9.00 to $5.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Robert W. Baird lowered 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 equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $5.33.

ON24 Stock Performance

ONTF traded up $0.08 on Friday, reaching $5.50. The company had a trading volume of 135,834 shares, compared to its average volume of 143,528. ON24, Inc. has a 52-week low of $4.35 and a 52-week high of $7.04. The company has a market cap of $233.59 million, a price-to-earnings ratio of -5.73 and a beta of 0.65. The business has a 50 day simple moving average of $5.30 and a 200 day simple moving average of $5.71.

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