Steven Vattuone Sells 4,692 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF) CFO Steven Vattuone sold 4,692 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $5.54, for a total value of $25,993.68. Following the sale, the chief financial officer now owns 659,028 shares in the company, valued at approximately $3,651,015.12. This represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• On Tuesday, June 3rd, Steven Vattuone sold 7,316 shares of ON24 stock. The stock was 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 stock was sold at an average price of $5.64, for a total transaction of $22,847.64.

ON24 Price Performance

Shares of ONTF opened at $5.55 on Friday. The firm has a 50-day simple moving average of $5.01 and a two-hundred day simple moving average of $5.89. ON24, Inc. has a 1-year low of $4.35 and a 1-year high of $7.04. The stock has a market cap of $235.91 million, a PE ratio of -5.34 and a beta of 0.66.

ON24 announced that its Board of Directors has authorized a share buyback plan on Monday, May 12th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 22.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On ON24

Institutional investors and hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of ON24 by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company’s stock valued at $1,842,000 after purchasing an additional 2,189 shares during the period. AQR Capital Management LLC lifted its stake in ON24 by 15.9% during the first 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 boosted its holdings 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 purchasing an additional 3,518 shares in the last quarter. 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 during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in shares of ON24 by 56.6% in the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock valued at $102,000 after buying an additional 5,713 shares in the last quarter. Hedge funds and other institutional investors own 83.93% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.