ON24 (NYSE:ONTF) CRO Sells $20,810.40 in Stock

Key Points

• James Blackie, the Chief Revenue Officer of ON24, sold a total of $20,810.40 worth of shares in multiple transactions, decreasing his ownership to approximately 509,082 shares.
• ON24's stock has seen a minor decline of 1.5%, currently trading at $5.53 with a market cap of $233.85 million.
• The board of ON24 has approved a share repurchase program allowing for the buyback of up to $50 million in shares, indicating a belief that the stock is currently undervalued.

ON24, Inc. (NYSE:ONTF - Get Free Report) CRO James Blackie sold 3,770 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $5.52, for a total transaction of $20,810.40. Following the transaction, the executive owned 509,082 shares of the company's stock, valued at approximately $2,810,132.64. This represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, September 8th, James Blackie sold 3,012 shares of ON24 stock. The stock was sold at an average price of $5.58, for a total transaction of $16,806.96.
• 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 value 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 value 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 value of $17,104.43.

ON24 Trading Down 1.5%

ONTF stock traded down $0.08 during trading on Tuesday, hitting $5.53. The company had a trading volume of 157,877 shares, compared to its average volume of 140,565. ON24, Inc. has a one year low of $4.35 and a one year high of $7.03. The business has a 50-day moving average of $5.27 and a 200-day moving average of $5.26. The stock has a market cap of $233.85 million, a PE ratio of -6.43 and a beta of 0.66.

ON24 declared that its Board of Directors has authorized a share repurchase program on Monday, May 12th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 22.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Institutional Trading of ON24

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONTF. Brevan Howard Capital Management LP bought a new position in shares of ON24 in the second quarter valued at approximately $78,000. Ameriprise Financial Inc. boosted its holdings in ON24 by 91.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 39,869 shares of the company's stock worth $216,000 after acquiring an additional 19,086 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of ON24 by 24.3% in the second 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. Federated Hermes Inc. lifted its position in shares of ON24 by 0.4% during the second quarter. Federated Hermes Inc. now owns 1,172,241 shares of the company's stock valued at $6,365,000 after purchasing an additional 4,578 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in ON24 by 14.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 593,954 shares of the company's stock worth $3,225,000 after purchasing an additional 74,010 shares during the last quarter. 83.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of ON24 from a "buy" rating to a "hold" rating in a research report on Friday. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, ON24 has a consensus 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.

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