Insider Selling: ON24, Inc. (NYSE:ONTF) Insider Sells 2,242 Shares of Stock

ON24, Inc. (NYSE:ONTF) insider Jayesh Sahasi sold 2,242 shares of the business’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $5.49, for a total transaction of $12,308.58. Following the transaction, the insider now directly owns 756,963 shares of the company’s stock, valued at approximately $4,155,726.87. This represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• 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 Monday, June 2nd, Jayesh Sahasi sold 3,710 shares of ON24 stock. The stock was sold at an average price of $5.64, for a total value of $20,924.40.
• 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 transaction of $194,890.72.

ON24 Stock Performance

NYSE:ONTF opened at $5.54 on Friday. The company has a 50-day moving average of $5.02 and a 200-day moving average of $5.88. ON24, Inc. has a 52 week low of $4.35 and a 52 week high of $7.04. The company has a market capitalization of $235.10 million, a price-to-earnings ratio of -5.32 and a beta of 0.66.

ON24 declared that its Board of Directors has approved a share repurchase program on Monday, May 12th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to buy up to 22.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. 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 report on Thursday, May 8th. William Blair reiterated a “market perform” rating on shares of ON24 in a research note on Wednesday, February 26th. Needham & Company LLC reissued a “hold” rating on shares of ON24 in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lowered their price target on ON24 from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Finally, Robert W. Baird reduced 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. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, the company has an average rating of “Hold” and an average target price of $5.33.

Institutional Investors Weigh In On ON24

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC raised its holdings in shares of 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 buying an additional 3,891 shares in the last quarter. P.A.W. Capital Corp acquired a new stake in ON24 in the 4th quarter valued at $484,000. Bank of New York Mellon Corp grew its position in ON24 by 13.6% in the fourth quarter. Bank of New York Mellon Corp now owns 85,356 shares of the company’s stock valued at $551,000 after acquiring an additional 10,192 shares during the period. Charles Schwab Investment Management Inc. raised its stake in ON24 by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company’s stock worth $1,842,000 after acquiring an additional 2,189 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in ON24 by 39.2% during the fourth quarter. American Century Companies Inc. now owns 31,162 shares of the company’s stock worth $201,000 after acquiring an additional 8,776 shares in the last quarter. 83.93% of the stock is owned by institutional investors and hedge funds.

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.