ON24, Inc. (NYSE:ONTF) Insider Jayesh Sahasi Sells 2,242 Shares

ON24, Inc. (NYSE:ONTF - Get Free Report) insider Jayesh Sahasi sold 2,242 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $5.49, for a total value of $12,308.58. Following the completion of the sale, the insider now directly owns 756,963 shares of the company's stock, valued at approximately $4,155,726.87. This represents a 0.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Jayesh Sahasi also recently made the following trade(s):

• On Wednesday, June 4th, Jayesh Sahasi sold 4,298 shares of ON24 stock. The shares were sold at an average price of $5.54, for a total value of $23,810.92.
• On Tuesday, June 3rd, Jayesh Sahasi sold 6,700 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total value of $37,520.00.
• On Monday, June 2nd, Jayesh Sahasi sold 3,710 shares of ON24 stock. The stock was sold at an average price of $5.64, for a total value of $20,924.40.
• On Thursday, March 20th, Jayesh Sahasi sold 3,696 shares of ON24 stock. The stock was sold at an average price of $5.41, for a total value of $19,995.36.
• On Tuesday, March 18th, Jayesh Sahasi sold 35,564 shares of ON24 stock. The shares were sold at an average price of $5.48, for a total value of $194,890.72.

ON24 Trading Up 0.1%

Shares of ONTF traded up $0.01 during midday trading on Friday, reaching $5.54. 247,099 shares of the company were exchanged, compared to its average volume of 137,190. ON24, Inc. has a 1-year low of $4.35 and a 1-year high of $7.04. The company has a market cap of $235.10 million, a price-to-earnings ratio of -5.32 and a beta of 0.66. The stock has a 50-day moving average price of $5.01 and a 200-day moving average price of $5.89.

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

Hedge Funds Weigh In On ON24

A number of hedge funds and other institutional investors have recently bought and sold shares of ONTF. SG Americas Securities LLC boosted its position in shares of ON24 by 38.1% during the fourth quarter. SG Americas Securities LLC now owns 14,092 shares of the company's stock worth $91,000 after buying an additional 3,891 shares during the period. P.A.W. Capital Corp bought a new position in shares of ON24 in the fourth quarter valued at $484,000. Bank of New York Mellon Corp increased its holdings in shares of ON24 by 13.6% in the fourth quarter. Bank of New York Mellon Corp now owns 85,356 shares of the company's stock valued at $551,000 after buying an additional 10,192 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in ON24 by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company's stock valued at $1,842,000 after purchasing an additional 2,189 shares during the period. Finally, American Century Companies Inc. raised its stake in ON24 by 39.2% during the 4th quarter. American Century Companies Inc. now owns 31,162 shares of the company's stock valued at $201,000 after purchasing an additional 8,776 shares during the period. 83.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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