JPMorgan Chase & Co. Lowers ON24 (NYSE:ONTF) Price Target to $6.00

ON24 (NYSE:ONTF) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $7.00 to $6.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 8.21% from the stock’s previous close.

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of ON24 in a research note on Wednesday.

ON24 Stock Performance

NYSE:ONTF opened at $5.55 on Wednesday. The company has a market cap of $230.95 million, a price-to-earnings ratio of -5.33 and a beta of 0.52. The stock’s fifty day moving average price is $6.57 and its two-hundred day moving average price is $6.41. ON24 has a 52-week low of $5.37 and a 52-week high of $7.38.

Insider Buying and Selling

In other news, insider Sharat Sharan sold 36,189 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $6.20, for a total value of $224,371.80. Following the transaction, the insider now directly owns 3,113,728 shares in the company, valued at $19,305,113.60. This trade represents a 1.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Steven Vattuone sold 7,538 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $6.69, for a total value of $50,429.22. Following the completion of the sale, the chief financial officer now owns 568,435 shares of the company’s stock, valued at $3,802,830.15. This represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 168,637 shares of company stock valued at $1,110,727 over the last ninety days. Insiders own 32.30% of the company’s stock.

Hedge Funds Weigh In On ON24

Several institutional investors have recently modified their holdings of ONTF. SG Americas Securities LLC raised its position in shares of 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 during the period. Squarepoint Ops LLC increased its stake in ON24 by 56.6% in the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock valued at $102,000 after purchasing an additional 5,713 shares in the last quarter. Wells Fargo & Company MN raised its holdings in 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 period. Gladius Capital Management LP boosted its position in shares of ON24 by 151.2% during the third quarter. Gladius Capital Management LP now owns 22,854 shares of the company’s stock worth $140,000 after purchasing an additional 13,755 shares in the last quarter. Finally, R Squared Ltd acquired a new position in shares of ON24 in the 4th quarter valued at $153,000. 83.93% of the stock is currently owned by institutional investors and hedge funds.

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.