Jayesh Sahasi Sells 4,468 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF) insider Jayesh Sahasi sold 4,468 shares of ON24 stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $6.35, for a total value of $28,371.80. Following the completion of the transaction, the insider now owns 727,913 shares of the company’s stock, valued at $4,622,247.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Thursday, July 11th, Jayesh Sahasi sold 17,731 shares of ON24 stock. The stock was sold at an average price of $6.03, for a total value of $106,917.93.
• On Wednesday, July 3rd, Jayesh Sahasi sold 1,800 shares of ON24 stock. The stock was sold at an average price of $6.00, for a total transaction of $10,800.00.
• On Monday, July 1st, Jayesh Sahasi sold 3 shares of ON24 stock. The shares were sold at an average price of $6.00, for a total transaction of $18.00.

ON24 Stock Performance

Shares of NYSE:ONTF opened at $5.91 on Friday. The firm has a fifty day moving average of $6.21 and a 200 day moving average of $6.42. ON24, Inc. has a 52-week low of $5.37 and a 52-week high of $8.35. The firm has a market capitalization of $247.42 million, a PE ratio of -5.68 and a beta of 0.47.

ON24 (NYSE:ONTF) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.10). The firm had revenue of $37.35 million for the quarter, compared to analysts’ expectations of $36.31 million. ON24 had a negative net margin of 28.14% and a negative return on equity of 21.81%. On average, sell-side analysts forecast that ON24, Inc. will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On ON24

Several institutional investors and hedge funds have recently made changes to their positions in the business. Los Angeles Capital Management LLC boosted its stake in shares of ON24 by 413.1% during the first quarter. Los Angeles Capital Management LLC now owns 244,032 shares of the company’s stock valued at $1,742,000 after purchasing an additional 196,472 shares during the period. Acadian Asset Management LLC grew its stake in shares of ON24 by 856.5% in the first quarter. Acadian Asset Management LLC now owns 469,544 shares of the company’s stock worth $3,351,000 after purchasing an additional 420,455 shares during the last quarter. Circumference Group LLC purchased a new position in ON24 during the 4th quarter valued at about $2,303,000. Quest Partners LLC purchased a new stake in ON24 in the 4th quarter worth approximately $440,000. Finally, Vanguard Group Inc. grew its position in shares of ON24 by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 2,443,583 shares of the company’s stock worth $17,447,000 after buying an additional 49,498 shares during the last quarter. Institutional investors own 83.93% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. JPMorgan Chase & Co. cut their price target on shares of ON24 from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of ON24 in a research note on Wednesday, August 7th.

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.