Norges Bank Purchases Shares of 66,200 ON24, Inc. (NYSE:ONTF)

Norges Bank acquired a new stake in shares of ON24, Inc. (NYSE:ONTF - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 66,200 shares of the company's stock, valued at approximately $428,000. Norges Bank owned 0.16% of ON24 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in ONTF. JPMorgan Chase & Co. lifted its stake in ON24 by 43.5% in the 4th quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company's stock worth $5,307,000 after purchasing an additional 249,045 shares in the last quarter. Horrell Capital Management Inc. raised its position in shares of ON24 by 15.9% in the fourth quarter. Horrell Capital Management Inc. now owns 394,196 shares of the company's stock worth $2,547,000 after buying an additional 54,000 shares in the last quarter. American Century Companies Inc. boosted its stake in ON24 by 39.2% during the fourth quarter. American Century Companies Inc. now owns 31,162 shares of the company's stock valued at $201,000 after buying an additional 8,776 shares during the period. Charles Schwab Investment Management Inc. grew its position in ON24 by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company's stock worth $1,842,000 after buying an additional 2,189 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in ON24 by 13.6% in the 4th 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 last quarter. Hedge funds and other institutional investors own 83.93% of the company's stock.

Insiders Place Their Bets

In related news, Director Dominique Trempont sold 4,250 shares of ON24 stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $6.94, for a total value of $29,495.00. Following the transaction, the director now owns 254,600 shares in the company, valued at $1,766,924. This trade represents a 1.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Steven Vattuone sold 4,997 shares of the company's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $6.52, for a total transaction of $32,580.44. Following the sale, the chief financial officer now owns 537,867 shares of the company's stock, valued at approximately $3,506,892.84. The trade was a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders bought 206,529 shares of company stock valued at $1,174,541 and sold 157,874 shares valued at $896,221. 32.30% of the stock is owned by insiders.

ON24 Trading Down 1.5 %

Shares of ONTF traded down $0.07 during midday trading on Thursday, reaching $4.53. The stock had a trading volume of 27,003 shares, compared to its average volume of 140,107. The company has a market capitalization of $191.73 million, a price-to-earnings ratio of -4.36 and a beta of 0.55. ON24, Inc. has a 12-month low of $4.48 and a 12-month high of $7.04. The company's 50-day moving average is $5.61 and its 200 day moving average is $6.18.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Needham & Company LLC reiterated a "hold" rating on shares of ON24 in a research report on Wednesday, February 26th. JPMorgan Chase & Co. cut their price target on shares of ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. Finally, William Blair reissued a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th.

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.