ON24 (NYSE:ONTF) Board Authorizes Share Repurchase Program

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

ON24 Stock Up 4.0%

NYSE ONTF opened at $5.40 on Wednesday. The firm has a market cap of $229.36 million, a price-to-earnings ratio of -5.19 and a beta of 0.56. ON24 has a 12-month low of $4.35 and a 12-month high of $7.04. The company has a 50-day simple moving average of $5.03 and a two-hundred day simple moving average of $5.99.

Analysts Set New Price Targets

A number of analysts recently weighed in on ONTF shares. Canaccord Genuity Group decreased their target price on shares of ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a report on Thursday, May 8th. William Blair reaffirmed a “market perform” rating on shares of ON24 in a report 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. Robert W. Baird decreased 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. Finally, Needham & Company LLC reaffirmed 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, ON24 presently has an average rating of “Hold” and an average price target of $5.33.

Insider Buying and Selling at ON24

In related news, CFO Steven Vattuone sold 8,283 shares of ON24 stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $5.57, for a total transaction of $46,136.31. Following the sale, the chief financial officer now directly owns 517,892 shares in the company, valued at $2,884,658.44. The trade was a 1.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dominique Trempont sold 4,250 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $6.94, for a total transaction of $29,495.00. Following the completion of the sale, the director now directly owns 254,600 shares in the company, valued at $1,766,924. This represents a 1.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 206,529 shares of company stock worth $1,174,541 and sold 144,150 shares worth $797,111. Corporate insiders own 32.30% of the company’s stock.

ON24 Company Profile

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.