Insider Selling: ON24, Inc. (NYSE:ONTF) Insider Sells 4,298 Shares of Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) insider Jayesh Sahasi sold 4,298 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $5.54, for a total value of $23,810.92. Following the transaction, the insider now owns 759,205 shares of the company's stock, valued at $4,205,995.70. This represents a 0.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Jayesh Sahasi also recently made the following trade(s):

• On Tuesday, June 3rd, Jayesh Sahasi sold 6,700 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total value of $37,520.00.
• On Monday, June 2nd, Jayesh Sahasi sold 3,710 shares of ON24 stock. The shares were sold at an average price of $5.64, for a total value of $20,924.40.
• On Thursday, March 20th, Jayesh Sahasi sold 3,696 shares of ON24 stock. The shares were sold at an average price of $5.41, for a total value of $19,995.36.
• On Tuesday, March 18th, Jayesh Sahasi sold 35,564 shares of ON24 stock. The shares were sold at an average price of $5.48, for a total value of $194,890.72.

ON24 Price Performance

Shares of ON24 stock traded down $0.11 on Wednesday, reaching $5.49. The company had a trading volume of 192,636 shares, compared to its average volume of 137,079. The firm has a market cap of $233.19 million, a price-to-earnings ratio of -5.28 and a beta of 0.56. The firm's 50-day moving average price is $5.00 and its two-hundred day moving average price is $5.90. ON24, Inc. has a 1 year low of $4.35 and a 1 year high of $7.04.

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ONTF. JPMorgan Chase & Co. dropped their target price on ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Canaccord Genuity Group dropped their target price on ON24 from $9.00 to $5.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Needham & Company LLC reiterated a "hold" rating on shares of ON24 in a report on Wednesday, February 26th. Robert W. Baird dropped their target price on ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Finally, William Blair reiterated a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $5.33.

Institutional Investors Weigh In On ON24

A number of institutional investors and hedge funds have recently modified their holdings of the business. Lynrock Lake LP raised its position in ON24 by 4.5% during the 1st 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. raised its position in ON24 by 1.6% during the 4th quarter. Federated Hermes Inc. now owns 1,167,713 shares of the company's stock valued at $7,543,000 after purchasing an additional 18,372 shares in the last quarter. Acadian Asset Management LLC raised its position in ON24 by 18.0% during the 1st quarter. Acadian Asset Management LLC now owns 830,851 shares of the company's stock valued at $4,319,000 after purchasing an additional 127,010 shares in the last quarter. JPMorgan Chase & Co. raised its position in ON24 by 43.5% during the 4th quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company's stock valued at $5,307,000 after purchasing an additional 249,045 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position 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 in the last quarter. 83.93% of the stock is owned by institutional investors.

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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