ON24, Inc. (NYSE:ONTF) CFO Sells $25,993.68 in Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) CFO Steven Vattuone sold 4,692 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $5.54, for a total value of $25,993.68. Following the transaction, the chief financial officer now directly owns 659,028 shares in the company, valued at approximately $3,651,015.12. This trade represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Steven Vattuone also recently made the following trade(s):

• On Tuesday, June 3rd, Steven Vattuone sold 7,316 shares of ON24 stock. The stock was sold at an average price of $5.60, for a total value of $40,969.60.
• On Monday, June 2nd, Steven Vattuone sold 4,051 shares of ON24 stock. The stock was sold at an average price of $5.64, for a total value of $22,847.64.

ON24 Trading Down 2.0%

Shares of ONTF stock traded down $0.11 during trading on Wednesday, hitting $5.49. The company's stock had a trading volume of 192,636 shares, compared to its average volume of 137,079. The company has a market cap of $233.19 million, a PE ratio of -5.28 and a beta of 0.56. The business has a fifty day moving average of $5.00 and a 200-day moving average of $5.90. ON24, Inc. has a 52 week low of $4.35 and a 52 week high of $7.04.

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

Hedge Funds Weigh In On ON24

Several institutional investors and hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC grew its holdings in ON24 by 18.0% during the first 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 during the period. Palogic Value Management L.P. boosted its holdings in shares of ON24 by 23.1% in the first quarter. Palogic Value Management L.P. now owns 320,000 shares of the company's stock worth $1,664,000 after acquiring an additional 60,000 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of ON24 by 3.9% in the first quarter. Goldman Sachs Group Inc. now owns 188,836 shares of the company's stock worth $982,000 after acquiring an additional 7,139 shares during the period. AQR Capital Management LLC boosted its holdings in shares of ON24 by 15.9% in 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 during the period. Finally, Lynrock Lake LP boosted its holdings in shares of ON24 by 4.5% in the first quarter. Lynrock Lake LP now owns 7,659,474 shares of the company's stock worth $39,829,000 after acquiring an additional 329,715 shares during the period. 83.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ONTF. Robert W. Baird lowered their price target 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 reduced 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. William Blair reaffirmed a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. JPMorgan Chase & Co. reduced 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. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of ON24 in a report on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price 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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