Insider Selling: ON24, Inc. (NYSE:ONTF) Insider Sells 31,305 Shares of Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) insider Sharat Sharan sold 31,305 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $5.44, for a total transaction of $170,299.20. Following the transaction, the insider now owns 3,208,499 shares in the company, valued at approximately $17,454,234.56. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Sharat Sharan also recently made the following trade(s):

• On Friday, May 23rd, Sharat Sharan sold 6,369 shares of ON24 stock. The stock was sold at an average price of $5.42, for a total transaction of $34,519.98.
• On Thursday, April 17th, Sharat Sharan sold 3,529 shares of ON24 stock. The stock was sold at an average price of $4.54, for a total transaction of $16,021.66.
• On Monday, March 31st, Sharat Sharan sold 39,196 shares of ON24 stock. The stock was sold at an average price of $5.23, for a total transaction of $204,995.08.

ON24 Price Performance

Shares of ONTF stock remained flat at $5.70 during mid-day trading on Friday. 210,195 shares of the stock were exchanged, compared to its average volume of 137,093. ON24, Inc. has a twelve month low of $4.35 and a twelve month high of $7.04. The company has a market capitalization of $242.11 million, a P/E ratio of -5.48 and a beta of 0.56. The company has a fifty day moving average price of $5.00 and a 200 day moving average price of $5.92.

ON24 declared that its Board of Directors has initiated a stock buyback program on Monday, May 12th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 22.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On ON24

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted 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 buying an additional 3,891 shares during the last quarter. R Squared Ltd acquired a new position in ON24 during the fourth quarter worth about $153,000. P.A.W. Capital Corp purchased a new position in ON24 in the 4th quarter worth about $484,000. Bank of New York Mellon Corp increased its stake in ON24 by 13.6% in the 4th quarter. Bank of New York Mellon Corp now owns 85,356 shares of the company's stock worth $551,000 after purchasing an additional 10,192 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew 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 acquiring an additional 2,189 shares in the last quarter. 83.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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