Russell Investments Group Ltd. Sells 241,175 Shares of ON24, Inc. $ONTF

Key Points

• Russell Investments Group Ltd. significantly reduced its stake in ON24, Inc., selling 241,175 shares and now holding only 14,271 shares, reflecting a decrease of 94.4% in its position.
• Several institutional investors increased their holdings in ON24, with Millennium Management LLC boosting its stake by 84.8% in the last quarter.
• Analysts have adjusted their price targets for ON24, with some lowering it to $5.00, while Wall Street Zen upgraded the stock from "hold" to "buy".

Russell Investments Group Ltd. decreased its position in ON24, Inc. (NYSE:ONTF - Free Report) by 94.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 14,271 shares of the company's stock after selling 241,175 shares during the period. Russell Investments Group Ltd.'s holdings in ON24 were worth $74,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Squarepoint Ops LLC grew its position in ON24 by 56.6% in the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock valued at $102,000 after purchasing an additional 5,713 shares in the last quarter. Wells Fargo & Company MN raised its stake in ON24 by 25.6% in the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock valued at $112,000 after purchasing an additional 3,518 shares in the last quarter. R Squared Ltd boosted its holdings in ON24 by 74.6% in the first quarter. R Squared Ltd now owns 41,415 shares of the company's stock valued at $215,000 after acquiring an additional 17,693 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of ON24 by 30.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,632 shares of the company's stock valued at $308,000 after purchasing an additional 11,234 shares during the last quarter. Finally, Bank of America Corp DE lifted its position 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 buying an additional 7,531 shares during the last quarter. 83.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Sharat Sharan sold 61,467 shares of the company's stock in a transaction on 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 sale, the insider directly owned 3,550,917 shares in the company, valued at $19,423,515.99. This represents a 1.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Steven Vattuone sold 6,394 shares of ON24 stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $5.52, for a total transaction of $35,294.88. Following the completion of the transaction, the chief financial officer directly owned 613,156 shares in the company, valued at $3,384,621.12. This represents a 1.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,334 shares of company stock worth $997,076. Company insiders own 33.00% of the company's stock.

ON24 Stock Up 1.7%

Shares of ONTF traded up $0.09 during midday trading on Monday, hitting $5.57. The company's stock had a trading volume of 75,408 shares, compared to its average volume of 156,735. The company's fifty day simple moving average is $5.27 and its two-hundred day simple moving average is $5.27. ON24, Inc. has a one year low of $4.35 and a one year high of $7.03. The stock has a market capitalization of $235.84 million, a price-to-earnings ratio of -6.47 and a beta of 0.66.

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

Wall Street Analyst Weigh In

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

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.