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

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 the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $5.52, for a total value of $28,985.52. Following the completion of the transaction, the chief financial officer owned 607,905 shares in the company, valued at $3,355,635.60. This represents a 0.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 shares were 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 Stock Performance

NYSE:ONTF traded down $0.08 during trading hours on Friday, reaching $5.49. The stock had a trading volume of 93,325 shares, compared to its average volume of 138,947. The stock has a market cap of $232.07 million, a P/E ratio of -6.38 and a beta of 0.66. ON24, Inc. has a 12-month low of $4.35 and a 12-month high of $7.03. The stock has a 50 day simple moving average of $5.27 and a 200 day simple moving average of $5.25.

Institutional Investors Weigh In On ON24

Hedge funds and other institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio lifted its stake in shares of ON24 by 228.5% in 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 last quarter. Brevan Howard Capital Management LP bought a new stake in shares of ON24 in the 2nd quarter valued at about $78,000. Squarepoint Ops LLC lifted its stake in shares of ON24 by 56.6% in 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 last quarter. Wells Fargo & Company MN increased its holdings 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 period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings 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 period. Institutional investors own 83.93% of the company's stock.

Analyst Ratings Changes

Separately, Wall Street Zen lowered ON24 from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. Five research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of "Hold" and an average 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.