Canaccord Genuity Group Cuts ON24 (NYSE:ONTF) Price Target to $5.00

ON24 (NYSE:ONTF) had its target price lowered by Canaccord Genuity Group from $9.00 to $5.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a hold rating on the stock.

A number of other research analysts also recently weighed in on the company. JPMorgan Chase & Co. lowered their price target 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 lowered their target price on ON24 from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday. Needham & Company LLC reissued a “hold” rating on shares of ON24 in a research report on Wednesday, February 26th. Finally, William Blair reaffirmed a “market perform” rating on shares of ON24 in a research report on Wednesday, February 26th. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.33.

ON24 Trading Up 2.7 %

Shares of ON24 stock opened at $4.86 on Thursday. ON24 has a 52 week low of $4.35 and a 52 week high of $7.04. The stock has a market cap of $206.42 million, a PE ratio of -4.67 and a beta of 0.56. The company’s 50-day moving average price is $5.05 and its two-hundred day moving average price is $6.00.

Insider Buying and Selling at ON24

In other ON24 news, CFO Steven Vattuone sold 6,146 shares of the business’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $6.68, for a total value of $41,055.28. Following the completion of the transaction, the chief financial officer now directly owns 534,386 shares of the company’s stock, valued at approximately $3,569,698.48. The trade was a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anil Arora acquired 8,661 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was bought at an average price of $5.65 per share, with a total value of $48,934.65. Following the transaction, the director now directly owns 126,048 shares in the company, valued at $712,171.20. The trade was a 7.38 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 206,529 shares of company stock valued at $1,174,541 and have sold 155,384 shares valued at $873,019. Insiders own 32.30% of the company’s stock.

Hedge Funds Weigh In On ON24

Several large investors have recently bought and sold shares of ONTF. SG Americas Securities LLC increased its stake 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 purchasing an additional 3,891 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in ON24 by 56.6% during the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock worth $102,000 after acquiring an additional 5,713 shares in the last quarter. Wells Fargo & Company MN grew its stake in ON24 by 25.6% in the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company’s stock valued at $112,000 after acquiring an additional 3,518 shares during the period. R Squared Ltd bought a new stake in shares of ON24 in the fourth quarter worth about $153,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of ON24 during the fourth quarter worth about $175,000. 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.