ON24 (NYSE:ONTF) CFO Sells $111,442.64 in Stock

Key Points

• ON24 CFO Steven Vattuone sold 20,116 shares of the company's stock for a total of $111,442.64, reducing his position by 3.33%.
• The company's stock is currently trading at $5.53, with a 1-year range of $4.35 to $7.03.
• ON24's board has authorized a $50 million stock buyback program, which could indicate that management believes the stock is currently undervalued.

ON24, Inc. (NYSE:ONTF - Get Free Report) CFO Steven Vattuone sold 20,116 shares of the business's stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $5.54, for a total value of $111,442.64. Following the completion of the transaction, the chief financial officer directly owned 583,594 shares of the company's stock, valued at approximately $3,233,110.76. This trade represents a 3.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Steven Vattuone also recently made the following trade(s):

• On Monday, September 8th, Steven Vattuone sold 4,195 shares of ON24 stock. The shares were sold at an average price of $5.58, for a total transaction of $23,408.10.
• On Friday, September 5th, Steven Vattuone sold 5,251 shares of ON24 stock. The shares were sold at an average price of $5.52, for a total transaction of $28,985.52.
• On Thursday, September 4th, Steven Vattuone sold 6,394 shares of ON24 stock. The shares were sold at an average price of $5.52, for a total transaction of $35,294.88.
• On Wednesday, September 3rd, Steven Vattuone sold 3,549 shares of ON24 stock. The shares were sold at an average price of $5.43, for a total transaction of $19,271.07.
• On Tuesday, September 2nd, Steven Vattuone sold 3,222 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total transaction of $18,043.20.
• On Thursday, August 21st, Steven Vattuone sold 5,117 shares of ON24 stock. The shares were sold at an average price of $5.25, for a total transaction of $26,864.25.
• On Wednesday, August 20th, Steven Vattuone sold 3,094 shares of ON24 stock. The shares were sold at an average price of $5.21, for a total transaction of $16,119.74.

ON24 Price Performance

Shares of NYSE ONTF traded down $0.08 during midday trading on Tuesday, hitting $5.53. 157,877 shares of the company's stock traded hands, compared to its average volume of 140,565. ON24, Inc. has a 1 year low of $4.35 and a 1 year high of $7.03. The firm has a fifty day moving average of $5.27 and a 200 day moving average of $5.26.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONTF. Public Employees Retirement System of Ohio boosted its stake in ON24 by 228.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 12,242 shares of the company's stock worth $66,000 after purchasing an additional 8,515 shares during the period. Brevan Howard Capital Management LP bought a new position in ON24 in the 2nd quarter worth approximately $78,000. Squarepoint Ops LLC boosted its stake in ON24 by 56.6% in the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock worth $102,000 after purchasing an additional 5,713 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in ON24 by 24.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,487 shares of the company's stock worth $111,000 after purchasing an additional 4,004 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in ON24 by 25.6% in the 4th quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock worth $112,000 after purchasing an additional 3,518 shares during the period. 83.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of ON24 from a "buy" rating to a "hold" rating in a report on Friday. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $5.33.

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.

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