ON24, Inc. (NYSE:ONTF) Insider Sells $236,142.30 in Stock

ON24, Inc. (NYSE:ONTF) insider Sharat Sharan sold 37,965 shares of ON24 stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $6.22, for a total value of $236,142.30. Following the transaction, the insider now directly owns 3,087,478 shares in the company, valued at approximately $19,204,113.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

ON24 Price Performance

ON24 stock opened at $6.25 on Friday. The business has a 50 day simple moving average of $6.23 and a 200-day simple moving average of $6.34. ON24, Inc. has a 12 month low of $5.37 and a 12 month high of $8.35. The stock has a market capitalization of $259.56 million, a PE ratio of -6.01 and a beta of 0.47.

ON24 (NYSE:ONTF) last released its earnings results on Tuesday, August 6th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.10). The firm had revenue of $37.35 million during 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, equities research analysts anticipate that ON24, Inc. will post -0.73 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on ONTF. Needham & Company LLC reiterated a “hold” rating on shares of ON24 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their target price on shares of ON24 from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th.

Institutional Investors Weigh In On ON24

A number of institutional investors have recently added to or reduced their stakes in ONTF. The Manufacturers Life Insurance Company increased its position in ON24 by 19.1% during the 2nd 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. Quadrature Capital Ltd raised its position in ON24 by 8.9% in the first quarter. Quadrature Capital Ltd now owns 29,353 shares of the company’s stock worth $209,000 after acquiring an additional 2,401 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in ON24 by 8.8% in the second quarter. Cubist Systematic Strategies LLC now owns 65,690 shares of the company’s stock valued at $395,000 after acquiring an additional 5,337 shares during the period. Marshall Wace LLP purchased a new stake in shares of ON24 during the 2nd quarter worth $72,000. Finally, Bank of New York Mellon Corp grew its stake in shares of ON24 by 14.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 98,089 shares of the company’s stock worth $590,000 after purchasing an additional 12,400 shares during the period. Hedge funds and other institutional investors own 83.93% of the company’s stock.

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.