ON24 (NYSE:ONTF) CFO Steven Vattuone Sells 5,251 Shares

Key Points

• Steven Vattuone, CFO of ON24, sold 5,251 shares of stock at an average price of $5.52, totaling approximately $28,985.52, reducing his ownership by 0.86% to 607,905 shares.
• ON24 initiated a $50 million share repurchase program, allowing the company to repurchase up to 22.6% of its stock, indicating management's belief that the shares are undervalued.
• Wall Street Zen downgraded ON24 from a "buy" rating to a "hold" rating, with the stock currently carrying an average price target of $5.33.

ON24, Inc. (NYSE:ONTF - Get Free Report) CFO Steven Vattuone sold 5,251 shares of ON24 stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $5.52, for a total transaction of $28,985.52. Following the sale, the chief financial officer owned 607,905 shares of the company's stock, valued at approximately $3,355,635.60. The trade was a 0.86% 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.

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

• On Tuesday, September 9th, Steven Vattuone sold 20,116 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total value of $111,442.64.
• On Monday, September 8th, Steven Vattuone sold 4,195 shares of ON24 stock. The stock was sold at an average price of $5.58, for a total value of $23,408.10.
• On Thursday, September 4th, Steven Vattuone sold 6,394 shares of ON24 stock. The stock was sold at an average price of $5.52, for a total value of $35,294.88.
• On Wednesday, September 3rd, Steven Vattuone sold 3,549 shares of ON24 stock. The stock was sold at an average price of $5.43, for a total value of $19,271.07.
• On Tuesday, September 2nd, Steven Vattuone sold 3,222 shares of ON24 stock. The stock was sold at an average price of $5.60, for a total value of $18,043.20.
• On Thursday, August 21st, Steven Vattuone sold 5,117 shares of ON24 stock. The stock was sold at an average price of $5.25, for a total value of $26,864.25.
• On Wednesday, August 20th, Steven Vattuone sold 3,094 shares of ON24 stock. The stock was sold at an average price of $5.21, for a total value of $16,119.74.

ON24 Price Performance

Shares of ONTF traded down $0.08 during midday trading on Tuesday, reaching $5.53. The stock had a trading volume of 157,877 shares, compared to its average volume of 140,565. The company's 50-day moving average is $5.27 and its 200 day moving average is $5.26. ON24, Inc. has a 12-month low of $4.35 and a 12-month high of $7.03.

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

Analysts Set New Price Targets

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

Institutional Investors Weigh In On ON24

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

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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