Insider Selling: ON24 (NYSE:ONTF) Insider Sells 4,608 Shares of Stock

Key Points

• On September 5th, insider Jayesh Sahasi sold 4,608 shares of ON24 stock at an average price of $5.52, reducing their stake by 0.62% to 737,913 shares.
• ON24's stock was trading at about $5.53 with a market capitalization of $233.85 million, and it recently implemented a $50 million share buyback plan.
• Analysts have downgraded ON24 from a "buy" to a "hold" rating, with a consensus price target set at $5.33.

ON24, Inc. (NYSE:ONTF - Get Free Report) insider Jayesh Sahasi sold 4,608 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $5.52, for a total value of $25,436.16. Following the completion of the sale, the insider owned 737,913 shares in the company, valued at approximately $4,073,279.76. This represents a 0.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, September 8th, Jayesh Sahasi sold 3,681 shares of ON24 stock. The shares were sold at an average price of $5.58, for a total transaction of $20,539.98.
• On Thursday, September 4th, Jayesh Sahasi sold 5,612 shares of ON24 stock. The shares were sold at an average price of $5.52, for a total transaction of $30,978.24.
• On Wednesday, September 3rd, Jayesh Sahasi sold 3,114 shares of ON24 stock. The stock was sold at an average price of $5.43, for a total value of $16,909.02.
• On Tuesday, September 2nd, Jayesh Sahasi sold 2,828 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total value of $15,836.80.
• On Wednesday, August 20th, Jayesh Sahasi sold 2,888 shares of ON24 stock. The shares were sold at an average price of $5.21, for a total transaction of $15,046.48.

ON24 Stock Performance

NYSE ONTF traded down $0.08 during mid-day trading on Tuesday, reaching $5.53. 157,877 shares of the stock were exchanged, compared to its average volume of 140,565. The business's fifty day simple moving average is $5.27 and its 200 day simple moving average is $5.26. The stock has a market capitalization of $233.85 million, a PE ratio of -6.43 and a beta of 0.66. ON24, Inc. has a 1-year low of $4.35 and a 1-year high of $7.03.

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

Institutional Investors Weigh In On ON24

Institutional investors and hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC lifted its holdings in shares of ON24 by 56.6% in the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock valued at $102,000 after purchasing an additional 5,713 shares in the last quarter. Millennium Management LLC grew its stake in ON24 by 84.8% during the 4th quarter. Millennium Management LLC now owns 142,387 shares of the company's stock valued at $920,000 after acquiring an additional 65,322 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of ON24 in the 4th quarter valued at about $777,000. Two Sigma Investments LP grew its position in ON24 by 11.9% during the fourth quarter. Two Sigma Investments LP now owns 175,366 shares of the company's stock valued at $1,133,000 after purchasing an additional 18,647 shares in the last quarter. Finally, P.A.W. Capital Corp increased its stake in ON24 by 113.3% in the 1st quarter. P.A.W. Capital Corp now owns 160,000 shares of the company's stock valued at $832,000 after buying an additional 85,000 shares during the period. Institutional investors and hedge funds own 83.93% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of ON24 from a "buy" rating to a "hold" rating in a research report on Friday. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, ON24 presently has an average rating of "Hold" and a consensus target price of $5.33.

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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