Sharat Sharan Sells 61,467 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF) insider Sharat Sharan sold 61,467 shares of the stock in a transaction 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 transaction, the insider directly owned 3,550,917 shares in the company, valued at $19,423,515.99. The trade was a 1.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Sharat Sharan also recently made the following trade(s):

• On Tuesday, June 17th, Sharat Sharan sold 37,527 shares of ON24 stock. The shares were sold at an average price of $5.39, for a total value of $202,270.53.
• On Thursday, May 22nd, Sharat Sharan sold 31,305 shares of ON24 stock. The stock was sold at an average price of $5.44, for a total transaction of $170,299.20.
• On Friday, May 23rd, Sharat Sharan sold 6,369 shares of ON24 stock. The shares were sold at an average price of $5.42, for a total transaction of $34,519.98.
• On Thursday, April 17th, Sharat Sharan sold 3,529 shares of ON24 stock. The shares were sold at an average price of $4.54, for a total transaction of $16,021.66.

ON24 Price Performance

Shares of ONTF stock opened at $5.42 on Thursday. The stock’s 50-day moving average is $5.27 and its 200 day moving average is $5.73. ON24, Inc. has a 1-year low of $4.35 and a 1-year high of $7.04. The company has a market cap of $230.19 million, a P/E ratio of -5.65 and a beta of 0.65.

ON24 declared that its board has initiated a stock buyback program on Monday, May 12th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 22.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On ON24

Institutional investors and hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC lifted its holdings 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 last quarter. Wells Fargo & Company MN increased its position in 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 buying an additional 3,518 shares in the last quarter. AQR Capital Management LLC raised its stake 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 during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in ON24 in the fourth quarter worth about $175,000. Finally, American Century Companies Inc. boosted its holdings in ON24 by 39.2% in 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 hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Canaccord Genuity Group dropped their price objective on shares of ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a research note on Thursday, May 8th. Robert W. Baird reduced their price objective on shares of ON24 from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, ON24 presently has an average rating of “Hold” and a consensus price target of $5.33.

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.