Sharat Sharan Sells 61,467 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) insider Sharat Sharan sold 61,467 shares of ON24 stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $5.47, for a total value of $336,224.49. Following the transaction, the insider owned 3,550,917 shares of the company's stock, valued at $19,423,515.99. This represents a 1.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Tuesday, June 17th, Sharat Sharan sold 37,527 shares of ON24 stock. The stock was sold at an average price of $5.39, for a total transaction of $202,270.53.
• On Thursday, May 22nd, Sharat Sharan sold 31,305 shares of ON24 stock. The shares were sold at an average price of $5.44, for a total transaction of $170,299.20.
• 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 value 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 value of $16,021.66.

ON24 Stock Up 1.5%

Shares of ONTF stock traded up $0.08 during mid-day trading on Thursday, reaching $5.50. The company's stock had a trading volume of 135,834 shares, compared to its average volume of 143,206. The firm has a market capitalization of $233.59 million, a PE ratio of -5.73 and a beta of 0.65. The company's 50 day simple moving average is $5.27 and its 200-day simple moving average is $5.73. ON24, Inc. has a 12-month low of $4.35 and a 12-month high of $7.04.

ON24 declared that its Board of Directors has approved a share buyback 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 stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

ONTF has been the subject of a number of research analyst reports. Canaccord Genuity Group dropped their price objective on shares of ON24 from $9.00 to $5.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Robert W. Baird dropped their price objective on ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $5.33.

Institutional Investors Weigh In On ON24

Several institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its position in ON24 by 3.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 188,836 shares of the company's stock worth $982,000 after acquiring an additional 7,139 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of ON24 by 18.0% during the first quarter. Acadian Asset Management LLC now owns 830,851 shares of the company's stock valued at $4,319,000 after purchasing an additional 127,010 shares during the period. Palogic Value Management L.P. lifted its position in shares of ON24 by 23.1% during the first quarter. Palogic Value Management L.P. now owns 320,000 shares of the company's stock worth $1,664,000 after purchasing an additional 60,000 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of 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 purchasing an additional 2,989 shares during the period. Finally, Lynrock Lake LP boosted its stake in shares of ON24 by 4.5% in the first quarter. Lynrock Lake LP now owns 7,659,474 shares of the company's stock valued at $39,829,000 after purchasing an additional 329,715 shares during the period. Hedge funds and other institutional investors own 83.93% of the company's stock.

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.