Wall Street Zen Upgrades ON24 (NYSE:ONTF) to “Buy”

ON24 (NYSE:ONTF) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of ON24 in a report on Saturday, September 27th. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, ON24 has a consensus rating of “Reduce” and an average target price of $5.33.

ON24 Stock Up 1.9%

Shares of ON24 stock opened at $5.69 on Friday. ON24 has a 12-month low of $4.35 and a 12-month high of $7.03. The firm has a market capitalization of $240.91 million, a PE ratio of -6.62 and a beta of 0.66. The stock’s fifty day moving average is $5.43 and its 200-day moving average is $5.27.

Insider Activity at ON24

In other ON24 news, insider Sharat Sharan sold 32,159 shares of the stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $5.55, for a total value of $178,482.45. Following the completion of the sale, the insider owned 3,620,863 shares in the company, valued at $20,095,789.65. This represents a 0.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Steven Vattuone sold 20,116 shares of the business’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $5.54, for a total transaction of $111,442.64. Following the transaction, the chief financial officer owned 583,594 shares in the company, valued at approximately $3,233,110.76. This represents a 3.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 163,132 shares of company stock worth $884,493 in the last quarter. 33.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ON24

Several institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio grew its stake in shares of ON24 by 228.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 12,242 shares of the company’s stock valued at $66,000 after buying an additional 8,515 shares in the last quarter. Brevan Howard Capital Management LP acquired a new stake in ON24 in the second quarter valued at approximately $78,000. Squarepoint Ops LLC increased its stake in shares of 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 purchasing an additional 5,713 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of ON24 by 24.3% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,487 shares of the company’s stock valued at $111,000 after purchasing an additional 4,004 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake 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 valued at $113,000 after purchasing an additional 2,989 shares during the last quarter. 83.93% of the stock is currently 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.