Steven Vattuone Sells 22,048 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF) CFO Steven Vattuone sold 22,048 shares of the business’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $5.55, for a total transaction of $122,366.40. Following the completion of the sale, the chief financial officer now directly owns 634,532 shares of the company’s stock, valued at approximately $3,521,652.60. This trade represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Thursday, June 5th, Steven Vattuone sold 2,448 shares of ON24 stock. The stock was sold at an average price of $5.49, for a total transaction of $13,439.52.
• On Wednesday, June 4th, Steven Vattuone sold 4,692 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total transaction of $25,993.68.
• 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 Trading Up 0.1%

NYSE:ONTF opened at $5.54 on Friday. The company’s 50-day moving average price is $5.02 and its 200-day moving average price is $5.88. The company has a market cap of $235.10 million, a P/E ratio of -5.32 and a beta of 0.66. ON24, Inc. has a twelve month low of $4.35 and a twelve month high of $7.04.

ON24 declared that its Board of Directors has authorized a stock repurchase program on Monday, May 12th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase up to 22.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms recently commented on ONTF. Needham & Company LLC reiterated a “hold” rating on shares of ON24 in a research note on Wednesday, February 26th. JPMorgan Chase & Co. cut their price target on shares of ON24 from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. William Blair restated a “market perform” rating on shares of ON24 in a research note on Wednesday, February 26th. Robert W. Baird cut their price target on shares of ON24 from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. 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 investment analysts have rated the stock with a hold rating, According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $5.33.

Hedge Funds Weigh In On ON24

A number of hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its holdings in shares of ON24 by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company’s stock worth $1,842,000 after purchasing an additional 2,189 shares during the period. AQR Capital Management LLC grew 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 worth $113,000 after purchasing an additional 2,989 shares during the period. Wells Fargo & Company MN grew 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 worth $112,000 after purchasing an additional 3,518 shares during the period. SG Americas Securities LLC grew 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 worth $91,000 after purchasing an additional 3,891 shares during the period. Finally, Squarepoint Ops LLC grew 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 worth $102,000 after purchasing an additional 5,713 shares during the period. 83.93% of the stock is currently 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.