ON24, Inc. (NYSE:ONTF) Insider Sharat Sharan Sells 37,527 Shares

ON24, Inc. (NYSE:ONTF - Get Free Report) insider Sharat Sharan sold 37,527 shares of ON24 stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $5.39, for a total value of $202,270.53. Following the transaction, the insider now owns 3,237,384 shares of the company's stock, valued at approximately $17,449,499.76. This represents a 1.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

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

• 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 value of $170,299.20.
• 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 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.
• 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 value of $204,995.08.

ON24 Stock Performance

Shares of ON24 stock traded down $0.07 during trading hours on Friday, hitting $5.31. The company's stock had a trading volume of 352,960 shares, compared to its average volume of 139,550. ON24, Inc. has a twelve month low of $4.35 and a twelve month high of $7.04. The firm has a fifty day moving average of $5.14 and a 200-day moving average of $5.81. The stock has a market cap of $225.30 million, a price-to-earnings ratio of -5.53 and a beta of 0.66.

ON24 declared that its board 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 reacquire up to 22.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On ON24

Several hedge funds have recently bought and sold shares of the company. Lynrock Lake LP lifted its stake in 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 acquiring an additional 329,715 shares in the last quarter. Federated Hermes Inc. lifted its stake in 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 acquiring an additional 18,372 shares in the last quarter. Acadian Asset Management LLC lifted its stake in 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 acquiring an additional 127,010 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in 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 acquiring an additional 249,045 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in 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 acquiring an additional 66,022 shares in the last quarter. Institutional investors and hedge funds own 83.93% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ONTF shares. Robert W. Baird lowered their price objective on ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. William Blair reissued a "market perform" rating on shares of ON24 in a research note on Wednesday, February 26th. Needham & Company LLC reissued a "hold" rating on shares of ON24 in a research note on Wednesday, February 26th. Canaccord Genuity Group lowered their price objective on ON24 from $9.00 to $5.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their price target on ON24 from $7.00 to $6.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently 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.