ON24, Inc. (NYSE:ONTF) CRO Sells $19,615.92 in Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) CRO James Blackie sold 3,478 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $5.64, for a total value of $19,615.92. Following the completion of the transaction, the executive now owns 538,003 shares in the company, valued at $3,034,336.92. This trade represents a 0.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

James Blackie also recently made the following trade(s):

• On Wednesday, June 4th, James Blackie sold 4,029 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total value of $22,320.66.
• On Tuesday, June 3rd, James Blackie sold 6,282 shares of ON24 stock. The stock was sold at an average price of $5.60, for a total value of $35,179.20.
• On Monday, March 10th, James Blackie sold 16,767 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total value of $92,889.18.
• On Thursday, March 6th, James Blackie sold 800 shares of ON24 stock. The stock was sold at an average price of $5.81, for a total value of $4,648.00.

ON24 Stock Down 2.0%

Shares of ON24 stock traded down $0.11 during trading hours on Wednesday, hitting $5.49. 192,636 shares of the company's stock traded hands, compared to its average volume of 137,079. The stock has a 50 day simple moving average of $5.00 and a 200-day simple moving average of $5.90. The company has a market cap of $233.19 million, a PE ratio of -5.28 and a beta of 0.56. ON24, Inc. has a twelve month low of $4.35 and a twelve month high of $7.04.

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

Hedge Funds Weigh In On ON24

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC grew 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 worth $91,000 after purchasing an additional 3,891 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in ON24 by 56.6% in the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock worth $102,000 after acquiring an additional 5,713 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in ON24 by 25.6% in the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock worth $112,000 after acquiring an additional 3,518 shares during the last quarter. AQR Capital Management LLC lifted 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 worth $113,000 after acquiring an additional 2,989 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in ON24 in the fourth quarter worth about $175,000. 83.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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