Insider Selling: ON24, Inc. (NYSE:ONTF) Insider Sells 6,700 Shares of Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) insider Jayesh Sahasi sold 6,700 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 $37,520.00. Following the transaction, the insider now owns 763,503 shares in the company, valued at approximately $4,275,616.80. This trade represents a 0.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Wednesday, June 4th, Jayesh Sahasi sold 4,298 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total value of $23,810.92.
• 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 transaction of $20,924.40.
• On Thursday, March 20th, Jayesh Sahasi sold 3,696 shares of ON24 stock. The stock was sold at an average price of $5.41, for a total transaction 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 transaction of $194,890.72.

ON24 Trading Down 2.0%

Shares of ONTF 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 stock has a market cap of $233.19 million, a PE ratio of -5.28 and a beta of 0.56. The company has a 50-day moving average of $5.00 and a 200-day moving average of $5.90. ON24, Inc. has a 12 month low of $4.35 and a 12 month high of $7.04.

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

Analyst Ratings Changes

ONTF has been the topic of a number of analyst reports. Robert W. Baird cut their price target on ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. William Blair reissued a "market perform" rating on shares of ON24 in a research note on Wednesday, February 26th. Needham & Company LLC reaffirmed a "hold" rating on shares of ON24 in a research note 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 note on Thursday, May 8th. Finally, JPMorgan Chase & Co. lowered their price target on ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, ON24 currently has an average rating of "Hold" and an average target price of $5.33.

Hedge Funds Weigh In On ON24

Several institutional investors and hedge funds have recently modified their holdings of ONTF. SG Americas Securities LLC lifted its stake in ON24 by 38.1% in the fourth 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. P.A.W. Capital Corp acquired a new stake in shares of ON24 during the fourth quarter worth $484,000. Bank of New York Mellon Corp raised its holdings in shares of ON24 by 13.6% during the fourth quarter. Bank of New York Mellon Corp now owns 85,356 shares of the company's stock worth $551,000 after acquiring an additional 10,192 shares during the period. Charles Schwab Investment Management Inc. lifted its position in ON24 by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company's stock valued at $1,842,000 after acquiring an additional 2,189 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in ON24 by 39.2% in the 4th quarter. American Century Companies Inc. now owns 31,162 shares of the company's stock worth $201,000 after purchasing an additional 8,776 shares during the period. 83.93% of the stock is currently owned by institutional investors and hedge funds.

About ON24

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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