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 that occurred on Thursday, May 22nd. The shares were sold at an average price of $5.44, for a total transaction of $170,299.20. Following the completion of the transaction, the insider now directly owns 3,208,499 shares of the company's stock, valued at $17,454,234.56. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 shares were 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 shares were 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 shares were sold at an average price of $5.23, for a total transaction of $204,995.08.

ON24 Price Performance

ONTF remained flat at $5.70 during trading on Friday. 210,195 shares of the company's stock were exchanged, compared to its average volume of 136,966. The stock has a market capitalization of $242.11 million, a PE ratio of -5.48 and a beta of 0.56. ON24, Inc. has a 12 month low of $4.35 and a 12 month high of $7.04. The stock has a 50-day moving average of $5.00 and a two-hundred day moving average of $5.91.

ON24 announced that its Board of Directors has approved a share repurchase program on Monday, May 12th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 22.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. William Blair reaffirmed a "market perform" rating on shares of ON24 in a research report on Wednesday, February 26th. JPMorgan Chase & Co. reduced their price target 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. Robert W. Baird reduced 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. Needham & Company LLC reissued a "hold" rating on shares of ON24 in a research report on Wednesday, February 26th. Finally, Canaccord Genuity Group reduced 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. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $5.33.

Institutional Investors Weigh In On ON24

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Lynrock Lake LP grew its stake in shares of ON24 by 4.5% during the 1st quarter. Lynrock Lake LP now owns 7,659,474 shares of the company's stock worth $39,829,000 after purchasing an additional 329,715 shares during the period. Federated Hermes Inc. grew its stake in shares of ON24 by 1.6% during the 4th quarter. Federated Hermes Inc. now owns 1,167,713 shares of the company's stock worth $7,543,000 after purchasing an additional 18,372 shares during the period. Acadian Asset Management LLC grew its stake in shares of ON24 by 18.0% during the 1st quarter. Acadian Asset Management LLC now owns 830,851 shares of the company's stock worth $4,319,000 after purchasing an additional 127,010 shares during the period. JPMorgan Chase & Co. grew its stake in shares of ON24 by 43.5% during the 4th quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company's stock worth $5,307,000 after purchasing an additional 249,045 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of ON24 by 15.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 490,086 shares of the company's stock worth $3,166,000 after purchasing an additional 66,022 shares during the period. Institutional investors and hedge funds 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.