ON24 (NYSE:ONTF) Lowered to Hold Rating by Wall Street Zen

Key Points

• Analysts at Wall Street Zen have downgraded ON24 from a "buy" rating to a "hold" rating, reflecting a cautious outlook on the company's stock performance.
• Institutional investors collectively increased their holdings in ON24, with significant boosts from AQR Capital Management and Wells Fargo, indicating a growing interest in the stock despite recent downgrades.
• ON24 approved a $50 million share repurchase program, signaling that its leadership believes the stock is currently undervalued.

ON24 (NYSE:ONTF - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Friday.

Several other research analysts also recently weighed in on ONTF. Robert W. Baird lowered their price objective on shares of ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Canaccord Genuity Group reduced their price target on shares of ON24 from $9.00 to $5.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $5.33.

ON24 Stock Performance

Shares of NYSE:ONTF traded up $0.11 during trading on Friday, reaching $5.54. The stock had a trading volume of 213,891 shares, compared to its average volume of 136,593. The firm's fifty day moving average is $5.28 and its 200 day moving average is $5.26. ON24 has a 52 week low of $4.35 and a 52 week high of $7.03. The stock has a market cap of $234.19 million, a price-to-earnings ratio of -6.44 and a beta of 0.66.

Insider Activity at ON24

In other ON24 news, insider Sharat Sharan sold 37,784 shares of the firm's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $5.16, for a total transaction of $194,965.44. Following the completion of the sale, the insider directly owned 3,575,339 shares in the company, valued at approximately $18,448,749.24. This trade represents a 1.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO James Blackie sold 4,592 shares of ON24 stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $5.52, for a total transaction of $25,347.84. Following the completion of the sale, the executive owned 512,852 shares of the company's stock, valued at $2,830,943.04. This represents a 0.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 229,967 shares of company stock valued at $1,244,506. 33.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ON24

Large investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC lifted its holdings 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 purchasing an additional 5,713 shares in the last quarter. Bridgeway Capital Management LLC lifted its holdings in shares of ON24 by 50.9% in the fourth quarter. Bridgeway Capital Management LLC now owns 363,948 shares of the company's stock worth $2,351,000 after buying an additional 122,700 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of ON24 by 84.8% in the fourth quarter. Millennium Management LLC now owns 142,387 shares of the company's stock worth $920,000 after buying an additional 65,322 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in shares of ON24 in the fourth quarter worth $777,000. Finally, Two Sigma Investments LP raised its stake in ON24 by 11.9% during the fourth quarter. Two Sigma Investments LP now owns 175,366 shares of the company's stock valued at $1,133,000 after purchasing an additional 18,647 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.