Insider Selling: ON24, Inc. (NYSE:ONTF) CRO Sells 2,102 Shares of Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) CRO James Blackie sold 2,102 shares of ON24 stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $5.49, for a total transaction of $11,539.98. Following the transaction, the executive now directly owns 525,590 shares in the company, valued at $2,885,489.10. The trade was a 0.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

James Blackie also recently made the following trade(s):

• On Wednesday, June 4th, James Blackie sold 4,029 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total value of $22,320.66.
• On Tuesday, June 3rd, James Blackie sold 6,282 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total transaction of $35,179.20.
• On Monday, June 2nd, James Blackie sold 3,478 shares of ON24 stock. The stock was sold at an average price of $5.64, for a total transaction of $19,615.92.
• On Monday, March 10th, James Blackie sold 16,767 shares of ON24 stock. The shares were sold at an average price of $5.54, for a total transaction of $92,889.18.

ON24 Stock Performance

NYSE:ONTF traded up $0.01 during mid-day trading on Friday, reaching $5.54. The stock had a trading volume of 247,099 shares, compared to its average volume of 137,190. The firm has a 50 day moving average price of $5.01 and a two-hundred day moving average price of $5.89. The stock has a market capitalization of $235.10 million, a P/E ratio of -5.32 and a beta of 0.66. ON24, Inc. has a one year low of $4.35 and a one year high of $7.04.

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

Institutional Trading of ON24

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC grew its holdings in ON24 by 38.1% during the 4th quarter. SG Americas Securities LLC now owns 14,092 shares of the company's stock valued at $91,000 after buying an additional 3,891 shares in the last quarter. Squarepoint Ops LLC lifted its stake in shares of ON24 by 56.6% during the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock worth $102,000 after acquiring an additional 5,713 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of ON24 by 25.6% during the 4th quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock worth $112,000 after acquiring an additional 3,518 shares during the last quarter. AQR Capital Management LLC increased its holdings in ON24 by 15.9% during the 1st quarter. AQR Capital Management LLC now owns 21,741 shares of the company's stock worth $113,000 after purchasing an additional 2,989 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in ON24 during the 4th quarter worth $175,000. Hedge funds and other institutional investors own 83.93% of the company's stock.

Wall Street Analyst Weigh In

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