Analysts Set ON24, Inc. (NYSE:ONTF) PT at $5.33

ON24, Inc. (NYSE:ONTF) has earned an average recommendation of “Hold” from the five analysts that are presently covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold rating. The average 1-year target price among brokers that have issued a report on the stock in the last year is $5.3333.

Separately, Wall Street Zen lowered ON24 from a “buy” rating to a “hold” rating in a report on Friday.

ON24 Stock Performance

Shares of NYSE:ONTF opened at $5.47 on Wednesday. The business’s 50 day simple moving average is $5.27 and its two-hundred day simple moving average is $5.28. The firm has a market cap of $231.22 million, a P/E ratio of -6.35 and a beta of 0.66. ON24 has a 52-week low of $4.35 and a 52-week high of $7.03.

ON24 declared that its Board of Directors has initiated a stock 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 buy up to 22.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, CFO Steven Vattuone sold 6,394 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $5.52, for a total value of $35,294.88. Following the completion of the sale, the chief financial officer directly owned 613,156 shares of the company’s stock, valued at $3,384,621.12. This represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jayesh Sahasi sold 5,612 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $5.52, for a total value of $30,978.24. Following the completion of the sale, the insider directly owned 742,521 shares of the company’s stock, valued at approximately $4,098,715.92. This trade represents a 0.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 81,242 shares of company stock valued at $452,174 and have sold 185,334 shares valued at $997,076. Insiders own 33.00% of the company’s stock.

Institutional Trading of ON24

Institutional investors and hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio raised its stake in shares of ON24 by 228.5% in the second quarter. Public Employees Retirement System of Ohio now owns 12,242 shares of the company’s stock worth $66,000 after purchasing an additional 8,515 shares during the last quarter. Brevan Howard Capital Management LP purchased a new stake in shares of ON24 in the second quarter worth approximately $78,000. Squarepoint Ops LLC raised its stake in shares of ON24 by 56.6% in the fourth 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of ON24 by 24.3% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,487 shares of the company’s stock worth $111,000 after purchasing an additional 4,004 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of ON24 by 25.6% in the fourth 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. 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.