ON24, Inc. (NYSE:ONTF) Insider Jayesh Sahasi Sells 3,710 Shares

by · The Cerbat Gem

ON24, Inc. (NYSE:ONTF – Get Free Report) insider Jayesh Sahasi sold 3,710 shares of ON24 stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $5.64, for a total transaction of $20,924.40. Following the sale, the insider now owns 770,203 shares in the company, valued at approximately $4,343,944.92. This represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 transaction of $23,810.92.
  • On Tuesday, June 3rd, Jayesh Sahasi sold 6,700 shares of ON24 stock. The stock was 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 transaction 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 ONTF opened at $5.49 on Thursday. The company has a market capitalization of $233.19 million, a P/E ratio of -5.28 and a beta of 0.66. The business’s 50 day simple moving average is $5.00 and its 200-day simple moving average is $5.90. ON24, Inc. has a one year low of $4.35 and a one year high of $7.04.

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

Analysts Set New Price Targets

Several analysts recently issued reports on the company. JPMorgan Chase & Co. cut their price objective 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 restated 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 note on Wednesday, February 26th. Robert W. Baird cut their price target on ON24 from $7.00 to $5.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. Finally, Canaccord Genuity Group reduced their price objective 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. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, ON24 currently has an average rating of “Hold” and an average target price of $5.33.

Get Our Latest Report on ONTF

Hedge Funds Weigh In On ON24

A number of large investors have recently modified their holdings of the stock. SG Americas Securities LLC boosted its holdings in ON24 by 38.1% in the fourth 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 last quarter. P.A.W. Capital Corp bought a new stake in ON24 in the fourth quarter valued at approximately $484,000. Bank of New York Mellon Corp increased its position in shares of ON24 by 13.6% in the 4th quarter. Bank of New York Mellon Corp now owns 85,356 shares of the company’s stock valued at $551,000 after buying an additional 10,192 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of 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 purchasing an additional 2,189 shares during the period. Finally, American Century Companies Inc. raised its holdings in ON24 by 39.2% during the 4th quarter. American Century Companies Inc. now owns 31,162 shares of the company’s stock worth $201,000 after buying an additional 8,776 shares during the period. 83.93% of the stock is currently owned by institutional investors and hedge funds.

ON24 Company Profile

(Get Free Report)

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.

Further Reading