ON24, Inc. (NYSE:ONTF) Insider Sells $28,371.80 in Stock

ON24, Inc. (NYSE:ONTF) insider Jayesh Sahasi sold 4,468 shares of ON24 stock in a transaction that occurred 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 sale, the insider now directly owns 727,913 shares in the company, valued at $4,622,247.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 shares were 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 value 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 value of $18.00.

ON24 Stock Performance

Shares of ONTF stock opened at $5.91 on Friday. ON24, Inc. has a 52 week low of $5.37 and a 52 week high of $8.35. The stock has a market capitalization of $247.42 million, a PE ratio of -5.68 and a beta of 0.47. The stock’s fifty day moving average is $6.21 and its 200-day moving average is $6.41.

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

Institutional Trading of ON24

A number of hedge funds and other institutional investors have recently modified their holdings of ONTF. The Manufacturers Life Insurance Company increased its position in ON24 by 19.1% in the second quarter. The Manufacturers Life Insurance Company now owns 13,477 shares of the company’s stock worth $81,000 after purchasing an additional 2,158 shares during the period. Squarepoint Ops LLC acquired a new position in ON24 during the 2nd quarter valued at about $427,000. Cubist Systematic Strategies LLC boosted its stake in shares of ON24 by 8.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 65,690 shares of the company’s stock valued at $395,000 after purchasing an additional 5,337 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of ON24 during the 2nd quarter worth approximately $72,000. Finally, Renaissance Technologies LLC raised its stake in shares of ON24 by 12.9% during the second quarter. Renaissance Technologies LLC now owns 726,434 shares of the company’s stock worth $4,366,000 after buying an additional 83,000 shares during the last quarter. Institutional investors and hedge funds own 83.93% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of ON24 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price objective on shares of ON24 from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th.

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.