Insider Selling: ON24, Inc. (NYSE:ONTF) CFO Sells 22,048 Shares of Stock

ON24, Inc. (NYSE:ONTF) CFO Steven Vattuone sold 22,048 shares of the business’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $5.55, for a total transaction of $122,366.40. Following the completion of the sale, the chief financial officer now directly owns 634,532 shares in the company, valued at $3,521,652.60. This trade represents a 3.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Thursday, June 5th, Steven Vattuone sold 2,448 shares of ON24 stock. The shares were sold at an average price of $5.49, for a total transaction of $13,439.52.
• On Wednesday, June 4th, Steven Vattuone sold 4,692 shares of ON24 stock. The shares were sold at an average price of $5.54, for a total transaction of $25,993.68.
• On Tuesday, June 3rd, Steven Vattuone sold 7,316 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total transaction of $40,969.60.
• On Monday, June 2nd, Steven Vattuone sold 4,051 shares of ON24 stock. The shares were sold at an average price of $5.64, for a total transaction of $22,847.64.

ON24 Stock Performance

ONTF opened at $5.54 on Friday. The firm’s 50-day simple moving average is $5.02 and its 200-day simple moving average is $5.89. ON24, Inc. has a twelve month low of $4.35 and a twelve month high of $7.04. The firm has a market cap of $235.10 million, a price-to-earnings ratio of -5.32 and a beta of 0.66.

ON24 announced that its board has authorized 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 buy up to 22.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On ON24

Several large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of ON24 by 0.8% in the 4th 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 last quarter. AQR Capital Management LLC grew its holdings in shares of ON24 by 15.9% in the 1st quarter. AQR Capital Management LLC now owns 21,741 shares of the company’s stock worth $113,000 after purchasing an additional 2,989 shares during the last quarter. Wells Fargo & Company MN lifted 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 worth $112,000 after buying an additional 3,518 shares in the last quarter. SG Americas Securities LLC lifted its position in ON24 by 38.1% during 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. Finally, Squarepoint Ops LLC lifted its position in 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 buying an additional 5,713 shares in the last quarter. Institutional investors own 83.93% of the company’s stock.

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.