ON24, Inc. (NYSE:ONTF - Get Free Report) insider Sharat Sharan sold 6,369 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $5.42, for a total value of $34,519.98. Following the sale, the insider now owns 3,212,705 shares of the company's stock, valued at approximately $17,412,861.10. This represents a 0.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Sharat Sharan also recently made the following trade(s):
- On Thursday, May 22nd, Sharat Sharan sold 31,305 shares of ON24 stock. The stock was sold at an average price of $5.44, for a total value of $170,299.20.
- 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 ONTF stock remained flat at $5.70 on Friday. The stock had a trading volume of 210,195 shares, compared to its average volume of 136,966. The stock has a market cap of $242.11 million, a price-to-earnings ratio of -5.48 and a beta of 0.56. The company's fifty day moving average price is $5.00 and its 200-day moving average price is $5.91. ON24, Inc. has a 12 month low of $4.35 and a 12 month high of $7.04.
ON24 announced that its Board of Directors has authorized a stock repurchase plan on Monday, May 12th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 22.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.
Institutional Investors Weigh In On ON24
Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC increased its stake in shares of 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 period. Squarepoint Ops LLC increased its stake in shares of 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 buying an additional 5,713 shares during the period. Wells Fargo & Company MN increased its stake in shares of 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 buying an additional 3,518 shares during the period. AQR Capital Management LLC increased 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 buying an additional 2,989 shares during the period. Finally, R Squared Ltd acquired a new stake in shares of ON24 in the fourth quarter valued at about $153,000. Institutional investors and hedge funds own 83.93% of the company's stock.
Analysts Set New Price Targets
ONTF has been the subject of a number of recent research reports. William Blair reaffirmed a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. Canaccord Genuity Group lowered their target price on ON24 from $9.00 to $5.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of ON24 in a report on Wednesday, February 26th. Robert W. Baird lowered their target price on ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. lowered their target price on ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $5.33.
View Our Latest Report on ONTF
ON24 Company Profile
(
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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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