ON24, Inc. (NYSE:ONTF) Receives $7.40 Average Price Target from Analysts

Shares of ON24, Inc. (NYSE:ONTF) have been assigned a consensus recommendation of “Reduce” from the three ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and two have given a hold recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $8.10.

ONTF has been the topic of several recent research reports. Wall Street Zen raised shares of ON24 from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Weiss Ratings restated a “sell (d-)” rating on shares of ON24 in a research report on Thursday, January 22nd. Robert W. Baird increased their price objective on shares of ON24 from $6.00 to $8.10 and gave the company a “neutral” rating in a report on Friday, January 2nd. Finally, Canaccord Genuity Group raised their target price on shares of ON24 from $6.00 to $8.10 and gave the stock a “hold” rating in a research note on Wednesday, December 31st.

ON24 Price Performance

NYSE ONTF opened at $8.02 on Wednesday. ON24 has a 1-year low of $4.35 and a 1-year high of $8.10. The company has a market cap of $341.84 million, a PE ratio of -11.79 and a beta of 0.60. The stock’s 50 day simple moving average is $7.71 and its 200-day simple moving average is $6.33.

Insider Buying and Selling

In other news, insider Jayesh Sahasi sold 34,753 shares of the business’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $7.98, for a total transaction of $277,328.94. Following the transaction, the insider owned 672,527 shares of the company’s stock, valued at approximately $5,366,765.46. The trade was a 4.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO James Blackie sold 16,000 shares of the company’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $7.96, for a total transaction of $127,360.00. Following the completion of the sale, the executive directly owned 478,861 shares of the company’s stock, valued at $3,811,733.56. This represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 255,600 shares of company stock worth $1,881,367. 33.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ON24

Several institutional investors and hedge funds have recently bought and sold shares of ONTF. Mercer Global Advisors Inc. ADV increased its holdings in shares of ON24 by 43.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 15,023 shares of the company’s stock worth $120,000 after buying an additional 4,584 shares during the last quarter. XTX Topco Ltd grew its position in ON24 by 262.5% in the fourth quarter. XTX Topco Ltd now owns 75,166 shares of the company’s stock worth $598,000 after acquiring an additional 54,429 shares during the period. Occudo Quantitative Strategies LP increased its stake in ON24 by 25.4% during the fourth quarter. Occudo Quantitative Strategies LP now owns 24,443 shares of the company’s stock worth $195,000 after acquiring an additional 4,944 shares during the last quarter. Millennium Management LLC raised its position in ON24 by 101.4% in the fourth quarter. Millennium Management LLC now owns 61,762 shares of the company’s stock valued at $492,000 after purchasing an additional 31,089 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new position in shares of ON24 in the 4th quarter valued at $149,000. 83.93% of the stock is currently owned by institutional investors and hedge funds.

ON24 Company Profile

ON24, Inc (NYSE: ONTF) is a cloud-based digital experience platform that enables organizations to create, manage and optimize virtual events, webinars and multimedia content. The company’s technology is designed to facilitate interactive, data-driven engagement between enterprises and their audiences, supporting demand generation, lead nurturing, corporate communications and training initiatives.

At the core of ON24’s offering is its webinar and virtual event solution, which provides live and on-demand webcasting, attendee interaction tools and real-time analytics.