ON24 (NYSE:ONTF) Insider Sells $20,539.98 in Stock

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 ON24 stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $5.58, for a total value of $20,539.98. Following the sale, the insider directly 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 SEC, which can be accessed through the SEC website.

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 stock was sold at an average price of $5.52, for a total transaction 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 stock was sold at an average price of $5.60, for a total transaction 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 Stock Performance

ON24 stock traded down $0.08 during mid-day trading on Tuesday, reaching $5.53. The company's stock had a trading volume of 157,877 shares, compared to its average volume of 140,565. The firm's fifty day moving average price is $5.27 and its two-hundred day moving average price is $5.26. ON24, Inc. has a 12-month low of $4.35 and a 12-month high of $7.03. The company has a market capitalization of $233.85 million, a P/E ratio of -6.43 and a beta of 0.66.

ON24 announced that its board has authorized a share buyback program on Monday, May 12th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to purchase up to 22.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Institutional Trading of ON24

Hedge funds have recently bought and sold shares of the stock. Lynrock Lake LP boosted its stake in shares of ON24 by 4.5% during the 1st quarter. Lynrock Lake LP now owns 7,659,474 shares of the company's stock worth $39,829,000 after acquiring an additional 329,715 shares in the last quarter. P.A.W. Capital Corp grew its position in ON24 by 87.5% in the second quarter. P.A.W. Capital Corp now owns 300,000 shares of the company's stock worth $1,629,000 after acquiring an additional 140,000 shares during the period. Acadian Asset Management LLC lifted its position in ON24 by 18.0% in the first quarter. Acadian Asset Management LLC now owns 830,851 shares of the company's stock valued at $4,319,000 after buying an additional 127,010 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in ON24 in the fourth quarter valued at approximately $777,000. Finally, Geode Capital Management LLC grew its position in ON24 by 13.7% in the 2nd quarter. Geode Capital Management LLC now owns 852,320 shares of the company's stock valued at $4,629,000 after acquiring an additional 102,396 shares in the last quarter. Hedge funds and other institutional investors own 83.93% of the company's stock.

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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