ON24 (NYSE:ONTF) Insider Sharat Sharan Sells 32,093 Shares of Stock

ON24, Inc. (NYSE:ONTF) insider Sharat Sharan sold 32,093 shares of the firm’s stock in a transaction that occurred on Thursday, October 16th. The shares were sold at an average price of $5.45, for a total transaction of $174,906.85. Following the completion of the sale, the insider owned 3,591,899 shares in the company, valued at approximately $19,575,849.55. The trade was a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Sharat Sharan also recently made the following trade(s):

• On Tuesday, September 16th, Sharat Sharan sold 32,159 shares of ON24 stock. The shares were sold at an average price of $5.55, for a total transaction of $178,482.45.

ON24 Trading Up 2.9%

ONTF opened at $5.45 on Tuesday. The company’s 50 day moving average is $5.55 and its 200-day moving average is $5.28. ON24, Inc. has a 1-year low of $4.35 and a 1-year high of $7.03. The company has a market cap of $230.38 million, a P/E ratio of -6.33 and a beta of 0.66.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Lynrock Lake LP lifted its position in shares of ON24 by 4.5% in 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 during the period. Federated Hermes Inc. lifted its position in shares of ON24 by 0.4% in the 2nd quarter. Federated Hermes Inc. now owns 1,172,241 shares of the company’s stock worth $6,365,000 after purchasing an additional 4,578 shares during the period. Geode Capital Management LLC lifted its position in shares of ON24 by 13.7% in the 2nd quarter. Geode Capital Management LLC now owns 852,320 shares of the company’s stock worth $4,629,000 after purchasing an additional 102,396 shares during the period. Acadian Asset Management LLC lifted its position in shares of ON24 by 1.8% in the 2nd quarter. Acadian Asset Management LLC now owns 845,702 shares of the company’s stock worth $4,590,000 after purchasing an additional 14,851 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of ON24 by 14.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 593,954 shares of the company’s stock valued at $3,225,000 after acquiring an additional 74,010 shares in the last quarter. Institutional investors and hedge funds own 83.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ONTF. Weiss Ratings restated a “sell (d-)” rating on shares of ON24 in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of ON24 from a “hold” rating to a “buy” rating in a research report on Saturday, October 4th. Five analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target 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.