ON24, Inc. (NYSE:ONTF) CRO James Blackie Sells 2,102 Shares

ON24, Inc. (NYSE:ONTF) CRO James Blackie sold 2,102 shares of the firm’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $5.49, for a total transaction of $11,539.98. Following the completion of the sale, the executive now owns 525,590 shares of the company’s stock, valued at approximately $2,885,489.10. The trade was a 0.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

James Blackie also recently made the following trade(s):

• On Wednesday, June 4th, James Blackie sold 4,029 shares of ON24 stock. The shares were sold at an average price of $5.54, for a total transaction of $22,320.66.
• On Tuesday, June 3rd, James Blackie sold 6,282 shares of ON24 stock. The shares were sold at an average price of $5.60, for a total transaction of $35,179.20.
• On Monday, June 2nd, James Blackie sold 3,478 shares of ON24 stock. The shares were sold at an average price of $5.64, for a total transaction of $19,615.92.
• On Monday, March 10th, James Blackie sold 16,767 shares of ON24 stock. The shares were sold at an average price of $5.54, for a total transaction of $92,889.18.

ON24 Trading Up 0.1%

ONTF stock opened at $5.54 on Friday. The firm has a 50 day moving average of $5.02 and a 200-day moving average of $5.89. ON24, Inc. has a 12-month low of $4.35 and a 12-month high of $7.04. The company 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 of Directors has authorized a share buyback program on Monday, May 12th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 22.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ONTF. Lynrock Lake LP increased its stake in shares of ON24 by 4.5% during the 1st quarter. Lynrock Lake LP now owns 7,659,474 shares of the company’s stock worth $39,829,000 after purchasing an additional 329,715 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of ON24 by 43.5% during the 4th 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 in the last quarter. Acadian Asset Management LLC increased its stake in shares of ON24 by 18.0% during the 1st quarter. Acadian Asset Management LLC now owns 830,851 shares of the company’s stock worth $4,319,000 after purchasing an additional 127,010 shares in the last quarter. Bridgeway Capital Management LLC increased its stake in shares of ON24 by 50.9% during the 4th quarter. Bridgeway Capital Management LLC now owns 363,948 shares of the company’s stock worth $2,351,000 after purchasing an additional 122,700 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of ON24 during the 4th quarter worth approximately $777,000. 83.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ONTF. William Blair reiterated a “market perform” rating on shares of ON24 in a research report on Wednesday, February 26th. Robert W. Baird reduced their price target on shares of ON24 from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. Canaccord Genuity Group reduced their price target on shares of ON24 from $9.00 to $5.00 and set a “hold” rating for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. reduced their price target on shares of ON24 from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of ON24 in a research report on Wednesday, February 26th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, ON24 has a consensus rating of “Hold” and an average target price of $5.33.

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.