ON24, Inc. (NYSE:ONTF) CRO Sells $11,539.98 in Stock

ON24, Inc. (NYSE:ONTF) CRO James Blackie sold 2,102 shares of ON24 stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $5.49, for a total transaction of $11,539.98. Following the completion of the sale, the executive now directly owns 525,590 shares of the company’s stock, valued at $2,885,489.10. The trade was a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

James Blackie also recently made the following trade(s):

• On Wednesday, June 4th, James Blackie sold 4,029 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total transaction of $22,320.66.
• On Tuesday, June 3rd, James Blackie sold 6,282 shares of ON24 stock. The stock was sold at an average price of $5.60, for a total transaction of $35,179.20.
• On Monday, June 2nd, James Blackie sold 3,478 shares of ON24 stock. The stock was sold at an average price of $5.64, for a total transaction of $19,615.92.
• On Monday, March 10th, James Blackie sold 16,767 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total transaction of $92,889.18.

ON24 Stock Up 0.1%

Shares of NYSE ONTF opened at $5.54 on Friday. ON24, Inc. has a 52-week low of $4.35 and a 52-week high of $7.04. The firm has a fifty day moving average of $5.02 and a 200-day moving average of $5.89. The stock has a market capitalization of $235.10 million, a PE ratio of -5.32 and a beta of 0.66.

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

Wall Street Analysts Forecast Growth

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

Institutional Trading of ON24

Institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC lifted its holdings in shares of ON24 by 38.1% during the 4th quarter. SG Americas Securities LLC now owns 14,092 shares of the company’s stock valued at $91,000 after acquiring an additional 3,891 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of ON24 by 56.6% during the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock valued at $102,000 after acquiring an additional 5,713 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of ON24 by 25.6% during the 4th 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 in the last quarter. AQR Capital Management LLC lifted its holdings in shares of ON24 by 15.9% during the 1st quarter. AQR Capital Management LLC now owns 21,741 shares of the company’s stock valued at $113,000 after acquiring an additional 2,989 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of ON24 during the 4th quarter valued at $175,000. 83.93% of the stock is owned by hedge funds and other institutional investors.

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.