ON24, Inc. (NYSE:ONTF) Given Average Rating of "Hold" by Brokerages

Key Points

• ON24, Inc. has received a consensus recommendation of "Hold" from five analysts, with an average 1-year price target of $5.33.
• Insider Sharat Sharan recently sold 37,784 shares at an average price of $5.16, while major shareholder Lake Lp Lynrock bought 33,407 shares at $5.56.
• ON24 has started a stock repurchase plan that allows it to buy up to $50 million in outstanding shares, indicating management believes the stock is currently undervalued.

Shares of ON24, Inc. (NYSE:ONTF - Get Free Report) have been assigned an average rating of "Hold" from the five ratings firms that are currently covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $5.3333.

A number of research firms have recently issued reports on ONTF. Canaccord Genuity Group reduced their price target on shares of ON24 from $9.00 to $5.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Wall Street Zen upgraded ON24 from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Robert W. Baird dropped their price target on ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th.

ON24 Stock Up 4.4%

Shares of ON24 stock traded up $0.22 during mid-day trading on Friday, hitting $5.27. The stock had a trading volume of 54,187 shares, compared to its average volume of 157,967. The firm has a 50-day moving average of $5.26 and a two-hundred day moving average of $5.45. ON24 has a 12-month low of $4.35 and a 12-month high of $7.03. The firm has a market cap of $222.97 million, a P/E ratio of -6.13 and a beta of 0.65.

ON24 announced that its Board of Directors has authorized a share 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 reacquire up to 22.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other ON24 news, insider Sharat Sharan sold 37,784 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $5.16, for a total value of $194,965.44. Following the completion of the transaction, the insider directly owned 3,575,339 shares of the company's stock, valued at approximately $18,448,749.24. This trade represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Steven Vattuone sold 22,048 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $5.55, for a total transaction of $122,366.40. Following the completion of the transaction, the chief financial officer directly owned 634,532 shares of the company's stock, valued at approximately $3,521,652.60. This trade represents a 3.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 412,394 shares of company stock worth $2,288,981 and sold 247,848 shares worth $1,347,116. 33.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ON24

Hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio increased its position in ON24 by 228.5% during the second quarter. Public Employees Retirement System of Ohio now owns 12,242 shares of the company's stock worth $66,000 after buying an additional 8,515 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of ON24 by 56.6% during the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock worth $102,000 after buying an additional 5,713 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of ON24 by 25.6% during the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock worth $112,000 after buying an additional 3,518 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of ON24 by 15.9% during the first quarter. AQR Capital Management LLC now owns 21,741 shares of the company's stock worth $113,000 after buying an additional 2,989 shares in the last quarter. Finally, Bank of Montreal Can purchased a new stake in shares of ON24 during the second quarter worth about $123,000. Hedge funds and other institutional investors own 83.93% of the company's stock.

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.