ON24, Inc. (NYSE:ONTF) Insider Jayesh Sahasi Sells 2,242 Shares

ON24, Inc. (NYSE:ONTF) insider Jayesh Sahasi sold 2,242 shares of the firm’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $5.49, for a total transaction of $12,308.58. Following the transaction, the insider now directly owns 756,963 shares of the company’s stock, valued at $4,155,726.87. This represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Wednesday, June 4th, Jayesh Sahasi sold 4,298 shares of ON24 stock. The stock was sold at an average price of $5.54, for a total transaction of $23,810.92.
• On Tuesday, June 3rd, Jayesh Sahasi sold 6,700 shares of ON24 stock. The stock was sold at an average price of $5.60, for a total transaction of $37,520.00.
• On Monday, June 2nd, Jayesh Sahasi sold 3,710 shares of ON24 stock. The shares were sold at an average price of $5.64, for a total transaction of $20,924.40.
• On Thursday, March 20th, Jayesh Sahasi sold 3,696 shares of ON24 stock. The shares were sold at an average price of $5.41, for a total transaction of $19,995.36.
• On Tuesday, March 18th, Jayesh Sahasi sold 35,564 shares of ON24 stock. The shares were sold at an average price of $5.48, for a total transaction of $194,890.72.

ON24 Price Performance

ONTF stock opened at $5.54 on Friday. The company has a fifty day moving average price of $5.02 and a two-hundred day moving average price of $5.89. ON24, Inc. has a one year low of $4.35 and a one year high of $7.04. The stock has a market cap of $235.10 million, a price-to-earnings ratio of -5.32 and a beta of 0.66.

ON24 declared that its board has approved a share buyback program on Monday, May 12th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase up to 22.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On ON24

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in ON24 by 43.5% during the fourth quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company’s stock worth $5,307,000 after purchasing an additional 249,045 shares during the period. Bridgeway Capital Management LLC lifted its holdings in shares of ON24 by 50.9% during the fourth quarter. Bridgeway Capital Management LLC now owns 363,948 shares of the company’s stock worth $2,351,000 after buying an additional 122,700 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of ON24 during the fourth quarter worth $777,000. P.A.W. Capital Corp acquired a new stake in shares of ON24 during the fourth quarter worth $484,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of ON24 by 15.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 490,086 shares of the company’s stock worth $3,166,000 after buying an additional 66,022 shares in the last quarter. 83.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

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.