Insider Selling: ON24, Inc. (NYSE:ONTF) CFO Sells 7,316 Shares of Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) CFO Steven Vattuone sold 7,316 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $5.60, for a total transaction of $40,969.60. Following the completion of the transaction, the chief financial officer now owns 663,720 shares in the company, valued at approximately $3,716,832. The trade was a 1.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Steven Vattuone also recently made the following trade(s):

• On Wednesday, June 4th, Steven Vattuone sold 4,692 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total transaction of $25,993.68.
• On Monday, June 2nd, Steven Vattuone sold 4,051 shares of ON24 stock. The stock was sold at an average price of $5.64, for a total transaction of $22,847.64.

ON24 Stock Performance

Shares of NYSE ONTF traded down $0.11 during midday trading on Wednesday, hitting $5.49. 192,636 shares of the stock traded hands, compared to its average volume of 137,079. The firm has a market capitalization of $233.19 million, a P/E ratio of -5.28 and a beta of 0.56. ON24, Inc. has a one year low of $4.35 and a one year high of $7.04. The firm has a 50-day moving average of $5.00 and a two-hundred day moving average of $5.90.

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

Hedge Funds Weigh In On ON24

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Lynrock Lake LP lifted its position in ON24 by 4.5% during the first quarter. Lynrock Lake LP now owns 7,659,474 shares of the company's stock valued at $39,829,000 after purchasing an additional 329,715 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of ON24 by 1.6% in the fourth quarter. Federated Hermes Inc. now owns 1,167,713 shares of the company's stock valued at $7,543,000 after acquiring an additional 18,372 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of ON24 by 18.0% in the first quarter. Acadian Asset Management LLC now owns 830,851 shares of the company's stock valued at $4,319,000 after acquiring an additional 127,010 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of ON24 by 43.5% during the fourth quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company's stock worth $5,307,000 after purchasing an additional 249,045 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in ON24 by 15.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 490,086 shares of the company's stock valued at $3,166,000 after purchasing an additional 66,022 shares during the period. 83.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ONTF has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on shares of ON24 from $7.00 to $6.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 26th. Canaccord Genuity Group cut their target price on ON24 from $9.00 to $5.00 and set a "hold" rating on the stock 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. Robert W. Baird cut their target price on ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Finally, William Blair reiterated a "market perform" rating on shares of ON24 in a research note on Wednesday, February 26th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $5.33.

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.

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