Insider Selling: ON24, Inc. (NYSE:ONTF) Insider Sells 37,784 Shares of Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) insider Sharat Sharan sold 37,784 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $5.16, for a total value of $194,965.44. Following the completion of the transaction, the insider directly owned 3,575,339 shares of the company's stock, valued at $18,448,749.24. This trade represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Sharat Sharan also recently made the following trade(s):

• On Monday, June 30th, Sharat Sharan sold 61,467 shares of ON24 stock. The stock was sold at an average price of $5.47, for a total value of $336,224.49.
• On Tuesday, June 17th, Sharat Sharan sold 37,527 shares of ON24 stock. The stock was sold at an average price of $5.39, for a total value of $202,270.53.
• On Thursday, May 22nd, Sharat Sharan sold 31,305 shares of ON24 stock. The stock was sold at an average price of $5.44, for a total value of $170,299.20.
• On Friday, May 23rd, Sharat Sharan sold 6,369 shares of ON24 stock. The stock was sold at an average price of $5.42, for a total value of $34,519.98.
• On Thursday, April 17th, Sharat Sharan sold 3,529 shares of ON24 stock. The stock was sold at an average price of $4.54, for a total value of $16,021.66.

ON24 Price Performance

Shares of NYSE:ONTF traded up $0.14 on Wednesday, reaching $5.23. 145,241 shares of the company traded hands, compared to its average volume of 143,010. ON24, Inc. has a fifty-two week low of $4.35 and a fifty-two week high of $7.04. The company's 50 day moving average is $5.39 and its 200-day moving average is $5.65. The stock has a market capitalization of $222.03 million, a PE ratio of -5.45 and a beta of 0.65.

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

Institutional Investors Weigh In On ON24

Institutional investors and hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio raised its holdings in shares of ON24 by 228.5% during the second quarter. Public Employees Retirement System of Ohio now owns 12,242 shares of the company's stock worth $66,000 after acquiring an additional 8,515 shares in the last quarter. Squarepoint Ops LLC raised its holdings in shares of ON24 by 56.6% during the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock worth $102,000 after acquiring an additional 5,713 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of ON24 by 25.6% during the fourth 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 in the last quarter. AQR Capital Management LLC raised its holdings in shares of ON24 by 15.9% during the first quarter. AQR Capital Management LLC now owns 21,741 shares of the company's stock worth $113,000 after acquiring an additional 2,989 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of ON24 during the fourth quarter worth $175,000. Institutional investors and hedge funds own 83.93% of the company's stock.

Analyst Ratings Changes

ONTF has been the subject of a number of research analyst reports. Robert W. Baird cut their target price on ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Canaccord Genuity Group cut their target price on ON24 from $9.00 to $5.00 and set a "hold" rating for the company 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.com, the company presently has an average rating of "Hold" and a consensus price target 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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