ON24 (NYSE:ONTF) CRO Sells $16,806.96 in Stock

Key Points

• James Blackie, the Chief Revenue Officer of ON24, sold 3,012 shares of the company's stock for a total of $16,806.96 on September 8th, decreasing his position by 0.59%.
• ON24's share price decreased by 1.5% during midday trading, reaching $5.53, and the stock has a market cap of $233.85 million.
• The company's Board of Directors approved a $50 million share buyback plan, indicating they believe the stock is undervalued.

ON24, Inc. (NYSE:ONTF - Get Free Report) CRO James Blackie sold 3,012 shares of ON24 stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $5.58, for a total value of $16,806.96. Following the completion of the transaction, the executive owned 506,070 shares in the company, valued at $2,823,870.60. This trade represents a 0.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

James Blackie also recently made the following trade(s):

• On Friday, September 5th, James Blackie sold 3,770 shares of ON24 stock. The stock was sold at an average price of $5.52, for a total value of $20,810.40.
• On Thursday, September 4th, James Blackie sold 4,592 shares of ON24 stock. The shares were sold at an average price of $5.52, for a total value of $25,347.84.
• On Wednesday, September 3rd, James Blackie sold 2,549 shares of ON24 stock. The shares were sold at an average price of $5.43, for a total transaction of $13,841.07.
• On Tuesday, September 2nd, James Blackie sold 2,314 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total transaction of $12,958.40.
• On Wednesday, August 20th, James Blackie sold 3,283 shares of ON24 stock. The stock was sold at an average price of $5.21, for a total transaction of $17,104.43.

ON24 Trading Down 1.5%

Shares of NYSE ONTF traded down $0.08 during midday trading on Tuesday, reaching $5.53. The company had a trading volume of 157,877 shares, 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 business's 50-day simple moving average is $5.27 and its 200 day simple moving average is $5.26. The stock has a market cap of $233.85 million, a P/E ratio of -6.43 and a beta of 0.66.

ON24 announced that its Board of Directors has approved a share buyback plan on Monday, May 12th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 22.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On ON24

A number of large investors have recently bought and sold shares of ONTF. Wells Fargo & Company MN raised 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 valued at $112,000 after purchasing an additional 3,518 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in ON24 by 30.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,632 shares of the company's stock valued at $308,000 after buying an additional 11,234 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in ON24 during the fourth quarter worth about $777,000. Bank of America Corp DE boosted its holdings in ON24 by 18.6% in the 4th quarter. Bank of America Corp DE now owns 47,999 shares of the company's stock valued at $310,000 after purchasing an additional 7,531 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of ON24 by 84.8% during the 4th quarter. Millennium Management LLC now owns 142,387 shares of the company's stock valued at $920,000 after buying an additional 65,322 shares during the period. Institutional investors and hedge funds own 83.93% of the company's stock.

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.

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