ON24, Inc. (NYSE:ONTF) Insider Jayesh Sahasi Sells 2,242 Shares

ON24, Inc. (NYSE:ONTF) insider Jayesh Sahasi sold 2,242 shares of the firm’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $5.49, for a total value of $12,308.58. Following the completion of the transaction, the insider now owns 756,963 shares in the company, valued at approximately $4,155,726.87. This represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Jayesh Sahasi also recently made the following trade(s):

• On Wednesday, June 4th, Jayesh Sahasi sold 4,298 shares of ON24 stock. The shares were sold at an average price of $5.54, for a total value of $23,810.92.
• On Tuesday, June 3rd, Jayesh Sahasi sold 6,700 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total value of $37,520.00.
• On Monday, June 2nd, Jayesh Sahasi sold 3,710 shares of ON24 stock. The stock was sold at an average price of $5.64, for a total value of $20,924.40.
• On Thursday, March 20th, Jayesh Sahasi sold 3,696 shares of ON24 stock. The stock was sold at an average price of $5.41, for a total value of $19,995.36.
• On Tuesday, March 18th, Jayesh Sahasi sold 35,564 shares of ON24 stock. The shares were sold at an average price of $5.48, for a total value of $194,890.72.

ON24 Trading Up 0.1%

ON24 stock opened at $5.54 on Monday. The company has a market capitalization of $235.10 million, a PE ratio of -5.32 and a beta of 0.66. ON24, Inc. has a 12 month low of $4.35 and a 12 month high of $7.04. The stock has a 50-day moving average price of $5.02 and a two-hundred day moving average price of $5.88.

ON24 announced that its Board of Directors has approved 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 buy up to 22.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Needham & Company LLC restated a “hold” rating on shares of ON24 in a research report 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 dropped their price objective on ON24 from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. Canaccord Genuity Group dropped their price objective on ON24 from $9.00 to $5.00 and set a “hold” rating for the company in a research report on Thursday, May 8th. Finally, 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 report on Wednesday, February 26th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $5.33.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC lifted its holdings in ON24 by 18.0% during the first quarter. Acadian Asset Management LLC now owns 830,851 shares of the company’s stock worth $4,319,000 after acquiring an additional 127,010 shares during the period. Palogic Value Management L.P. lifted its holdings in ON24 by 23.1% during the first quarter. Palogic Value Management L.P. now owns 320,000 shares of the company’s stock worth $1,664,000 after acquiring an additional 60,000 shares during the period. Goldman Sachs Group Inc. lifted its holdings in ON24 by 3.9% during the first quarter. Goldman Sachs Group Inc. now owns 188,836 shares of the company’s stock worth $982,000 after acquiring an additional 7,139 shares during the period. AQR Capital Management LLC lifted its holdings 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 acquiring an additional 2,989 shares during the period. Finally, Lynrock Lake LP raised its stake in shares of ON24 by 4.5% in the first quarter. Lynrock Lake LP now owns 7,659,474 shares of the company’s stock valued at $39,829,000 after buying an additional 329,715 shares during the period. Hedge funds and other institutional investors own 83.93% of the company’s stock.

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.