ON24, Inc. (NYSE:ONTF) CRO Sells $22,320.66 in Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) CRO James Blackie sold 4,029 shares of the business'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 $22,320.66. Following the sale, the executive now owns 527,692 shares of the company's stock, valued at $2,923,413.68. The trade was a 0.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

• 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, June 2nd, James Blackie sold 3,478 shares of ON24 stock. The stock was sold at an average price of $5.64, for a total value of $19,615.92.
• 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 Trading Down 2.0%

NYSE ONTF traded down $0.11 on Wednesday, reaching $5.49. 192,636 shares of the company were exchanged, compared to its average volume of 137,079. The business's fifty day moving average price is $5.00 and its 200 day moving average price is $5.90. The stock has a market capitalization of $233.19 million, a P/E ratio of -5.28 and a beta of 0.56. ON24, Inc. has a fifty-two week low of $4.35 and a fifty-two week high of $7.04.

ON24 declared that its Board of Directors has approved a stock 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 buy up to 22.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On ON24

Several large investors have recently modified their holdings of the business. Acadian Asset Management LLC lifted its stake in shares of ON24 by 18.0% in the 1st 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 last quarter. Palogic Value Management L.P. lifted its stake in shares of ON24 by 23.1% in the 1st 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 last quarter. Goldman Sachs Group Inc. lifted its stake in shares of ON24 by 3.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 188,836 shares of the company's stock valued at $982,000 after purchasing an additional 7,139 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of ON24 by 15.9% in the 1st quarter. AQR Capital Management LLC now owns 21,741 shares of the company's stock valued at $113,000 after purchasing an additional 2,989 shares during the last quarter. Finally, Lynrock Lake LP lifted its stake in shares of ON24 by 4.5% in the 1st quarter. Lynrock Lake LP now owns 7,659,474 shares of the company's stock valued at $39,829,000 after purchasing an additional 329,715 shares during the last quarter. Institutional investors and hedge funds own 83.93% of the company's stock.

Analyst Upgrades and Downgrades

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