JPMorgan Chase & Co. Issues Pessimistic Forecast for ON24 (NYSE:ONTF) Stock Price

ON24 (NYSE:ONTF) had its target price dropped by JPMorgan Chase & Co. from $7.00 to $6.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 3.99% from the company’s previous close.

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of ON24 in a report on Wednesday.

ON24 Price Performance

NYSE:ONTF traded down $0.27 on Wednesday, reaching $5.77. The stock had a trading volume of 74,825 shares, compared to its average volume of 94,385. The firm’s fifty day moving average is $6.60 and its two-hundred day moving average is $6.42. The company has a market cap of $240.33 million, a price-to-earnings ratio of -5.55 and a beta of 0.52. ON24 has a 12-month low of $5.37 and a 12-month high of $7.48.

Insider Buying and Selling

In other news, Director Dominique Trempont sold 4,250 shares of ON24 stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $6.94, for a total transaction of $29,495.00. Following the transaction, the director now owns 254,600 shares in the company, valued at approximately $1,766,924. The trade was a 1.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Steven Vattuone sold 6,146 shares of ON24 stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $6.68, for a total transaction of $41,055.28. Following the sale, the chief financial officer now directly owns 534,386 shares of the company’s stock, valued at $3,569,698.48. This trade represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 168,637 shares of company stock worth $1,110,727 in the last ninety days. 32.30% of the stock is currently owned by corporate insiders.

Institutional Trading of ON24

Several large investors have recently added to or reduced their stakes in ONTF. SG Americas Securities LLC lifted its holdings in ON24 by 38.1% in the 4th quarter. SG Americas Securities LLC now owns 14,092 shares of the company’s stock worth $91,000 after purchasing an additional 3,891 shares during the last quarter. Squarepoint Ops LLC raised its stake in shares of ON24 by 56.6% in the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock worth $102,000 after acquiring an additional 5,713 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of ON24 by 25.6% during the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company’s stock worth $112,000 after acquiring an additional 3,518 shares during the last quarter. Gladius Capital Management LP boosted its position in shares of ON24 by 151.2% in the 3rd quarter. Gladius Capital Management LP now owns 22,854 shares of the company’s stock worth $140,000 after purchasing an additional 13,755 shares during the last quarter. Finally, R Squared Ltd bought a new position in shares of ON24 during the fourth quarter worth $153,000. 83.93% of the stock is owned by institutional investors.

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.