Insider Selling: ON24, Inc. (NYSE:ONTF) Insider Sells 3,710 Shares of Stock

ON24, Inc. (NYSE:ONTF) insider Jayesh Sahasi sold 3,710 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $5.64, for a total value of $20,924.40. Following the completion of the sale, the insider now directly owns 770,203 shares in the company, valued at approximately $4,343,944.92. This trade represents a 0.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Jayesh Sahasi also recently made the following trade(s):

• On Thursday, June 5th, Jayesh Sahasi sold 2,242 shares of ON24 stock. The shares were sold at an average price of $5.49, for a total transaction of $12,308.58.
• On Wednesday, June 4th, Jayesh Sahasi sold 4,298 shares of ON24 stock. The shares were sold at an average price of $5.54, for a total value of $23,810.92.
• On Tuesday, June 3rd, Jayesh Sahasi sold 6,700 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total value of $37,520.00.
• On Thursday, March 20th, Jayesh Sahasi sold 3,696 shares of ON24 stock. The shares were sold at an average price of $5.41, for a total value of $19,995.36.
• On Tuesday, March 18th, Jayesh Sahasi sold 35,564 shares of ON24 stock. The stock was sold at an average price of $5.48, for a total value of $194,890.72.

ON24 Price Performance

Shares of NYSE:ONTF opened at $5.54 on Friday. ON24, Inc. has a one year low of $4.35 and a one year high of $7.04. The stock has a market capitalization of $235.10 million, a PE ratio of -5.32 and a beta of 0.66. The company’s 50-day moving average price is $5.02 and its two-hundred day moving average price is $5.89.

ON24 announced that its Board of Directors has initiated a share buyback plan on Monday, May 12th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 22.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts recently weighed in on ONTF shares. Robert W. Baird cut their price objective on ON24 from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. dropped their target price on ON24 from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. William Blair reissued a “market perform” rating on shares of ON24 in a report on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of ON24 in a research report on Wednesday, February 26th. Finally, Canaccord Genuity Group decreased their price objective on ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, ON24 has an average rating of “Hold” and an average target price of $5.33.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ONTF. SG Americas Securities LLC raised 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 valued at $91,000 after acquiring an additional 3,891 shares during the period. Squarepoint Ops LLC boosted its position in shares of ON24 by 56.6% during the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock worth $102,000 after acquiring an additional 5,713 shares in the last quarter. Wells Fargo & Company MN boosted its position 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 worth $112,000 after acquiring an additional 3,518 shares in the last quarter. AQR Capital Management LLC boosted its position in ON24 by 15.9% in the first quarter. AQR Capital Management LLC now owns 21,741 shares of the company’s stock valued at $113,000 after buying an additional 2,989 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in ON24 in the fourth quarter valued at approximately $175,000. 83.93% of the stock is owned by institutional investors.

About ON24

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.