ON24, Inc. (NYSE:ONTF) CFO Steven Vattuone Sells 22,048 Shares

ON24, Inc. (NYSE:ONTF - Get Free Report) CFO Steven Vattuone sold 22,048 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $5.55, for a total value of $122,366.40. Following the completion of the sale, the chief financial officer now owns 634,532 shares in the company, valued at $3,521,652.60. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• On Thursday, June 5th, Steven Vattuone sold 2,448 shares of ON24 stock. The stock was sold at an average price of $5.49, for a total transaction of $13,439.52.
• On Wednesday, June 4th, Steven Vattuone sold 4,692 shares of ON24 stock. The shares were sold at an average price of $5.54, for a total transaction of $25,993.68.
• On Tuesday, June 3rd, Steven Vattuone sold 7,316 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total transaction of $40,969.60.
• On Monday, June 2nd, Steven Vattuone sold 4,051 shares of ON24 stock. The shares were sold at an average price of $5.64, for a total transaction of $22,847.64.

ON24 Price Performance

ON24 stock traded up $0.01 during mid-day trading on Friday, reaching $5.54. 247,099 shares of the company traded hands, compared to its average volume of 137,190. ON24, Inc. has a fifty-two week low of $4.35 and a fifty-two week high of $7.04. The firm's fifty day moving average is $5.01 and its two-hundred day moving average is $5.89. The company has a market capitalization of $235.10 million, a price-to-earnings ratio of -5.32 and a beta of 0.66.

ON24 declared that its board has authorized a share buyback program on Monday, May 12th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase up to 22.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On ON24

A number of large investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC increased its position in ON24 by 18.0% during the first quarter. Acadian Asset Management LLC now owns 830,851 shares of the company's stock worth $4,319,000 after purchasing an additional 127,010 shares during the last quarter. Palogic Value Management L.P. boosted its stake 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 valued at $1,664,000 after purchasing an additional 60,000 shares during the period. Goldman Sachs Group Inc. raised its holdings in ON24 by 3.9% in the first quarter. Goldman Sachs Group Inc. now owns 188,836 shares of the company's stock valued at $982,000 after acquiring an additional 7,139 shares in the last quarter. AQR Capital Management LLC raised its holdings in ON24 by 15.9% in the first quarter. AQR Capital Management LLC now owns 21,741 shares of the company's stock valued at $113,000 after acquiring an additional 2,989 shares in the last quarter. Finally, Lynrock Lake LP raised its holdings in ON24 by 4.5% in the first quarter. Lynrock Lake LP now owns 7,659,474 shares of the company's stock valued at $39,829,000 after acquiring an additional 329,715 shares in the last quarter. 83.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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