ON24 (NYSE:ONTF) Insider Jayesh Sahasi Sells 3,681 Shares

Key Points

• Insider Jayesh Sahasi sold 3,681 shares of ON24 stock for approximately $20,539.98, reducing his ownership of the stock by 0.50% to a total of 734,232 shares.
• ON24's board has authorized a $50 million share buyback program, indicating management's belief that the stock is currently undervalued.
• Wall Street analysts have downgraded ON24 from a "buy" rating to a "hold" rating, with an average price target of $5.33.

ON24, Inc. (NYSE:ONTF - Get Free Report) insider Jayesh Sahasi sold 3,681 shares of the company's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $5.58, for a total transaction of $20,539.98. Following the transaction, the insider owned 734,232 shares of the company's stock, valued at approximately $4,097,014.56. The trade was a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Jayesh Sahasi also recently made the following trade(s):

• On Friday, September 5th, Jayesh Sahasi sold 4,608 shares of ON24 stock. The shares were sold at an average price of $5.52, for a total transaction of $25,436.16.
• On Thursday, September 4th, Jayesh Sahasi sold 5,612 shares of ON24 stock. The shares were sold at an average price of $5.52, for a total value of $30,978.24.
• On Wednesday, September 3rd, Jayesh Sahasi sold 3,114 shares of ON24 stock. The shares were sold at an average price of $5.43, for a total value of $16,909.02.
• On Tuesday, September 2nd, Jayesh Sahasi sold 2,828 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total value of $15,836.80.
• On Wednesday, August 20th, Jayesh Sahasi sold 2,888 shares of ON24 stock. The shares were sold at an average price of $5.21, for a total value of $15,046.48.

ON24 Price Performance

Shares of ONTF traded down $0.08 on Friday, reaching $5.49. 93,325 shares of the stock traded hands, compared to its average volume of 138,947. The firm has a market cap of $232.07 million, a price-to-earnings 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's 50-day moving average price is $5.27 and its 200-day moving average price is $5.25.

Institutional Trading of ON24

A number of large investors have recently bought and sold shares of ONTF. Wells Fargo & Company MN grew its position in ON24 by 25.6% in the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock valued at $112,000 after acquiring an additional 3,518 shares during the period. Price T Rowe Associates Inc. MD grew its position in ON24 by 30.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,632 shares of the company's stock valued at $308,000 after acquiring an additional 11,234 shares during the period. BNP Paribas Financial Markets bought a new stake in ON24 in the fourth quarter valued at $777,000. Bank of America Corp DE grew its position in ON24 by 18.6% in the fourth quarter. Bank of America Corp DE now owns 47,999 shares of the company's stock valued at $310,000 after acquiring an additional 7,531 shares during the period. Finally, Millennium Management LLC grew its position in ON24 by 84.8% in the fourth quarter. Millennium Management LLC now owns 142,387 shares of the company's stock valued at $920,000 after acquiring an additional 65,322 shares during the period. 83.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut ON24 from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus 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.