Price T Rowe Associates Inc. MD Buys 11,234 Shares of ON24, Inc. (NYSE:ONTF)

Price T Rowe Associates Inc. MD increased its holdings in ON24, Inc. (NYSE:ONTF) by 30.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,632 shares of the company’s stock after acquiring an additional 11,234 shares during the period. Price T Rowe Associates Inc. MD’s holdings in ON24 were worth $308,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. SG Americas Securities LLC lifted its position in ON24 by 38.1% in 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. Wells Fargo & Company MN increased its stake 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 last quarter. R Squared Ltd purchased a new stake in shares of ON24 during the 4th quarter worth approximately $153,000. American Century Companies Inc. grew its stake in ON24 by 39.2% in the 4th quarter. American Century Companies Inc. now owns 31,162 shares of the company’s stock valued at $201,000 after buying an additional 8,776 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in ON24 in the 4th quarter valued at approximately $210,000. Institutional investors own 83.93% of the company’s stock.

ON24 Trading Up 3.6%

Shares of ONTF stock opened at $5.52 on Friday. ON24, Inc. has a 12 month low of $4.35 and a 12 month high of $7.04. The stock has a market cap of $234.46 million, a P/E ratio of -5.31 and a beta of 0.56. The company has a 50 day simple moving average of $5.03 and a two-hundred day simple moving average of $5.98.

ON24 declared that its Board of Directors has initiated a share repurchase program on Monday, May 12th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 22.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at ON24

In other news, CFO Steven Vattuone sold 8,283 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $5.57, for a total value of $46,136.31. Following the completion of the sale, the chief financial officer now owns 517,892 shares in the company, valued at approximately $2,884,658.44. This trade represents a 1.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dominique Trempont sold 4,250 shares of the firm’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 transaction, the director now directly owns 254,600 shares in the company, valued at $1,766,924. This represents a 1.64% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders bought 255,681 shares of company stock valued at $1,433,326 and sold 144,150 shares valued at $797,111. Corporate insiders own 33.00% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.