ON24, Inc. (NYSE:ONTF) CFO Steven Vattuone Sells 7,316 Shares of Stock

by · The Markets Daily

ON24, Inc. (NYSE:ONTF – Get Free Report) CFO Steven Vattuone sold 7,316 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $5.60, for a total value of $40,969.60. Following the transaction, the chief financial officer now owns 663,720 shares in the company, valued at $3,716,832. This trade represents a 1.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Steven Vattuone also recently made the following trade(s):

  • On Wednesday, June 4th, Steven Vattuone sold 4,692 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total value of $25,993.68.
  • On Monday, June 2nd, Steven Vattuone sold 4,051 shares of ON24 stock. The stock was sold at an average price of $5.64, for a total value of $22,847.64.

ON24 Stock Down 2.0%

ON24 stock 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 stock’s 50 day moving average is $5.00 and its 200 day moving average is $5.90. ON24, Inc. has a twelve month low of $4.35 and a twelve month high of $7.04.

ON24 announced that its Board of Directors has approved a stock repurchase plan on Monday, May 12th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 22.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Trading of ON24

Several institutional investors have recently added to or reduced their stakes in the business. Lynrock Lake LP boosted its stake in ON24 by 4.5% during the 1st quarter. Lynrock Lake LP now owns 7,659,474 shares of the company’s stock valued at $39,829,000 after purchasing an additional 329,715 shares during the last quarter. Federated Hermes Inc. boosted its stake in ON24 by 1.6% during the 4th quarter. Federated Hermes Inc. now owns 1,167,713 shares of the company’s stock valued at $7,543,000 after purchasing an additional 18,372 shares during the last quarter. Acadian Asset Management LLC boosted its stake in ON24 by 18.0% during the 1st quarter. Acadian Asset Management LLC now owns 830,851 shares of the company’s stock valued at $4,319,000 after purchasing an additional 127,010 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in ON24 by 43.5% during the 4th quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company’s stock valued at $5,307,000 after purchasing an additional 249,045 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in ON24 by 15.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 490,086 shares of the company’s stock valued at $3,166,000 after purchasing an additional 66,022 shares during the last quarter. 83.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Needham & Company LLC reiterated a “hold” rating on shares of ON24 in a report on Wednesday, February 26th. William Blair reiterated a “market perform” rating on shares of ON24 in a report on Wednesday, February 26th. JPMorgan Chase & Co. reduced their target price on ON24 from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Robert W. Baird cut their price target on ON24 from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Finally, Canaccord Genuity Group cut their price target on ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a research note on Thursday, May 8th. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, ON24 presently has an average rating of “Hold” and an average price target of $5.33.

Read Our Latest Research Report on ONTF

About ON24

(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.

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