ON24 (NYSE:ONTF) Upgraded at Wall Street Zen

Key Points

• ON24's stock rating has been upgraded from a "hold" to a "buy" by Wall Street Zen, indicating increased confidence in the company.
• The company has initiated a $50 million stock repurchase program, suggesting that its board believes the stock is undervalued.
• Analyst consensus currently rates ON24 stock as a "Hold", with a price target averaging $5.33.

Wall Street Zen upgraded shares of ON24 (NYSE:ONTF - Free Report) from a hold rating to a buy rating in a research note issued to investors on Saturday.

ONTF has been the subject of a number of other reports. Robert W. Baird lowered their price target on ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Canaccord Genuity Group reduced their target price on ON24 from $9.00 to $5.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, ON24 presently has an average rating of "Hold" and an average target price of $5.33.

ON24 Trading Up 4.4%

Shares of ON24 stock traded up $0.22 during trading on Friday, reaching $5.27. The company's stock had a trading volume of 54,187 shares, compared to its average volume of 157,967. The stock has a market capitalization of $222.97 million, a P/E ratio of -6.13 and a beta of 0.65. ON24 has a one year low of $4.35 and a one year high of $7.03. The stock has a 50-day moving average price of $5.26 and a two-hundred day moving average price of $5.45.

ON24 declared that its board has approved a share buyback program on Monday, May 12th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 22.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other ON24 news, insider Sharat Sharan sold 61,467 shares of ON24 stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $5.47, for a total value of $336,224.49. Following the completion of the sale, the insider directly owned 3,550,917 shares in the company, valued at approximately $19,423,515.99. The trade was a 1.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Lake Lp Lynrock acquired 47,692 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were purchased at an average price of $5.57 per share, with a total value of $265,644.44. Following the acquisition, the insider owned 8,212,732 shares of the company's stock, valued at approximately $45,744,917.24. This represents a 0.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 412,394 shares of company stock worth $2,288,981 and sold 247,848 shares worth $1,347,116. 33.00% of the stock is owned by insiders.

Institutional Investors Weigh In On ON24

Several hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio lifted its position in shares of ON24 by 228.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 12,242 shares of the company's stock valued at $66,000 after buying an additional 8,515 shares during the last quarter. Squarepoint Ops LLC raised its stake in shares of ON24 by 56.6% during the 4th 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 during the period. Wells Fargo & Company MN raised its stake in shares of ON24 by 25.6% during the 4th quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock valued at $112,000 after purchasing an additional 3,518 shares during the period. AQR Capital Management LLC raised its stake in shares of ON24 by 15.9% during the 1st 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. Finally, Bank of Montreal Can bought a new stake in shares of ON24 during the 2nd quarter valued at $123,000. 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.