Insider Selling: ON24 (NYSE:ONTF) Insider Sells 32,159 Shares of Stock

Key Points

• Insider Sharat Sharan sold 32,159 shares of ON24 stock at an average price of $5.55, totaling approximately $178,482, and now holds around 3.62 million shares.
• ON24 shares experienced a 2.3% increase during trading, reaching $5.63, with a market cap of $238.08 million.
• Analysts have downgraded ON24 from a "buy" to a "hold" rating, with an average consensus price target of $5.33.

ON24, Inc. (NYSE:ONTF - Get Free Report) insider Sharat Sharan sold 32,159 shares of ON24 stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $5.55, for a total value of $178,482.45. Following the completion of the transaction, the insider owned 3,620,863 shares in the company, valued at approximately $20,095,789.65. This represents a 0.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Sharat Sharan also recently made the following trade(s):

• On Monday, July 14th, Sharat Sharan sold 37,784 shares of ON24 stock. The stock was sold at an average price of $5.16, for a total value of $194,965.44.
• On Monday, June 30th, Sharat Sharan sold 61,467 shares of ON24 stock. The stock was sold at an average price of $5.47, for a total value of $336,224.49.

ON24 Stock Performance

Shares of NYSE:ONTF traded down $0.09 during midday trading on Friday, hitting $5.76. 289,776 shares of the stock were exchanged, compared to its average volume of 146,064. The business's 50-day moving average price is $5.31 and its 200 day moving average price is $5.25. ON24, Inc. has a 12 month low of $4.35 and a 12 month high of $7.03. The stock has a market capitalization of $243.71 million, a price-to-earnings ratio of -6.70 and a beta of 0.66.

Hedge Funds Weigh In On ON24

Large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio increased its position in ON24 by 228.5% during the second 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 position in shares of ON24 in the second quarter worth about $78,000. Squarepoint Ops LLC boosted its stake in ON24 by 56.6% during the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock valued at $102,000 after buying an additional 5,713 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in ON24 by 24.3% during 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 period. Finally, AQR Capital Management LLC raised its position in ON24 by 15.9% during the first quarter. AQR Capital Management LLC now owns 21,741 shares of the company's stock valued at $113,000 after purchasing an additional 2,989 shares during the period. 83.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered 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 company currently 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.