ON24, Inc. (NYSE:ONTF) Insider Jayesh Sahasi Sells 3,710 Shares

ON24, Inc. (NYSE:ONTF - Get Free Report) insider Jayesh Sahasi sold 3,710 shares of ON24 stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $5.64, for a total transaction of $20,924.40. Following the completion of the sale, the insider now owns 770,203 shares of the company's stock, valued at $4,343,944.92. This trade represents a 0.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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 transaction 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 transaction of $37,520.00.
• 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 transaction of $19,995.36.
• On Tuesday, March 18th, Jayesh Sahasi sold 35,564 shares of ON24 stock. The stock was sold at an average price of $5.48, for a total transaction of $194,890.72.

ON24 Stock Performance

ONTF stock traded down $0.11 during midday trading on Wednesday, reaching $5.49. 192,636 shares of the company were exchanged, compared to its average volume of 137,079. ON24, Inc. has a 1-year low of $4.35 and a 1-year high of $7.04. The stock's 50-day simple moving average is $5.00 and its 200 day simple moving average is $5.90. The company has a market cap of $233.19 million, a price-to-earnings ratio of -5.28 and a beta of 0.56.

ON24 announced that its board has authorized a share repurchase program on Monday, May 12th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 22.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Institutional Trading of ON24

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted 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 valued at $91,000 after acquiring an additional 3,891 shares in the last quarter. Squarepoint Ops LLC boosted its stake in ON24 by 56.6% in the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock valued at $102,000 after acquiring an additional 5,713 shares in the last quarter. Wells Fargo & Company MN boosted its stake in ON24 by 25.6% in the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock valued at $112,000 after acquiring an additional 3,518 shares in the last quarter. AQR Capital Management LLC boosted its stake 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, Susquehanna Fundamental Investments LLC acquired a new position in ON24 in the fourth quarter valued at $175,000. Institutional investors and hedge funds own 83.93% of the company's stock.

Wall Street Analysts Forecast Growth

ONTF has been the subject of several research reports. 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 note on Wednesday, February 26th. Needham & Company LLC restated a "hold" rating on shares of ON24 in a report on Wednesday, February 26th. 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. Robert W. Baird cut their price target on ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Finally, William Blair restated a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, ON24 currently 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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