Jacobs Levy Equity Management Inc. Reduces Stock Holdings in ON24, Inc. (NYSE:ONTF)

Jacobs Levy Equity Management Inc. decreased its position in ON24, Inc. (NYSE:ONTF - Free Report) by 29.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 262,825 shares of the company's stock after selling 112,170 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 0.63% of ON24 worth $1,698,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ONTF. SG Americas Securities LLC raised its holdings in ON24 by 38.1% in the fourth quarter. SG Americas Securities LLC now owns 14,092 shares of the company's stock worth $91,000 after purchasing an additional 3,891 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of ON24 by 25.6% during the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock valued at $112,000 after acquiring an additional 3,518 shares in the last quarter. R Squared Ltd bought a new position in shares of ON24 during the fourth quarter valued at $153,000. Susquehanna Fundamental Investments LLC bought a new position in shares of ON24 during the fourth quarter valued at $175,000. Finally, American Century Companies Inc. increased its holdings in shares of ON24 by 39.2% during the fourth quarter. American Century Companies Inc. now owns 31,162 shares of the company's stock valued at $201,000 after acquiring an additional 8,776 shares in the last quarter. Institutional investors own 83.93% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ONTF. William Blair restated a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. Needham & Company LLC restated a "hold" rating on shares of ON24 in a report on Wednesday, February 26th. Robert W. Baird reduced their price target on ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Canaccord Genuity Group reduced their price target on ON24 from $9.00 to $5.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. reduced their price target on ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, ON24 has a consensus rating of "Hold" and an average price target of $5.33.

ON24 Price Performance

NYSE ONTF traded up $0.14 during trading hours on Thursday, hitting $5.50. The company's stock had a trading volume of 34,184 shares, compared to its average volume of 137,300. ON24, Inc. has a 12 month low of $4.35 and a 12 month high of $7.04. The company's 50 day simple moving average is $5.00 and its two-hundred day simple moving average is $5.96. The company has a market cap of $233.40 million, a P/E ratio of -5.28 and a beta of 0.56.

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

Insider Buying and Selling

In other ON24 news, insider Sharat Sharan sold 39,196 shares of the firm's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $5.23, for a total value of $204,995.08. Following the transaction, the insider now directly owns 3,164,092 shares of the company's stock, valued at approximately $16,548,201.16. This trade represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Lake Lp Lynrock bought 24,576 shares of the company's stock in a transaction on Monday, May 12th. The stock was purchased at an average cost of $5.16 per share, for a total transaction of $126,812.16. Following the completion of the transaction, the insider now directly owns 7,684,050 shares of the company's stock, valued at approximately $39,649,698. The trade was a 0.32% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 321,112 shares of company stock worth $1,792,612 and sold 129,882 shares worth $703,701. 33.00% of the stock is owned by corporate insiders.

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.