ON24 (NYSE:ONTF) to Buyback $50.00 million in Shares

ON24 (NYSE:ONTF) declared that its Board of Directors has approved a share repurchase program on Monday, May 12th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 22.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

ON24 Price Performance

NYSE ONTF opened at $5.38 on Thursday. The company’s 50 day simple moving average is $5.03 and its 200 day simple moving average is $5.99. ON24 has a 12 month low of $4.35 and a 12 month high of $7.04. The company has a market capitalization of $228.51 million, a P/E ratio of -5.17 and a beta of 0.56.

Analyst Upgrades and Downgrades

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

Insider Transactions at ON24

In other ON24 news, Director Dominique Trempont sold 4,250 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $6.94, for a total value of $29,495.00. Following the completion of the sale, the director now directly owns 254,600 shares of the company’s stock, valued at $1,766,924. This represents a 1.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Steven Vattuone sold 8,283 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $5.57, for a total transaction of $46,136.31. Following the transaction, the chief financial officer now directly owns 517,892 shares of the company’s stock, valued at $2,884,658.44. The trade was a 1.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 206,529 shares of company stock valued at $1,174,541 and have sold 144,150 shares valued at $797,111. 32.30% of the stock is currently owned by insiders.

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.