ON24 (NYSE:ONTF) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of ON24 (NYSE:ONTF) from a buy rating to a hold rating in a report released on Friday.

A number of other equities research analysts have also recently weighed in on ONTF. Robert W. Baird dropped their price target on ON24 from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Canaccord Genuity Group dropped their price target on ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a research note on Thursday, May 8th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, ON24 has an average rating of “Hold” and a consensus target price of $5.33.

ON24 Trading Down 1.5%

ONTF opened at $5.47 on Friday. ON24 has a 1-year low of $4.35 and a 1-year high of $7.03. The stock’s fifty day simple moving average is $5.27 and its 200 day simple moving average is $5.27. The stock has a market cap of $231.22 million, a PE ratio of -6.35 and a beta of 0.66.

ON24 declared that its Board of Directors has approved a share repurchase plan on Monday, May 12th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 22.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at ON24

In other ON24 news, insider Jayesh Sahasi sold 5,612 shares of the company’s stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $5.52, for a total value of $30,978.24. Following the transaction, the insider directly owned 742,521 shares of the company’s stock, valued at $4,098,715.92. This represents a 0.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CRO James Blackie sold 4,592 shares of the company’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $5.52, for a total value of $25,347.84. Following the completion of the transaction, the executive directly owned 512,852 shares in the company, valued at approximately $2,830,943.04. This represents a 0.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,334 shares of company stock worth $997,076. 33.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lynrock Lake LP grew its holdings 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. Federated Hermes Inc. grew its holdings in shares of ON24 by 0.4% during 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 in the last quarter. Geode Capital Management LLC grew its holdings in shares of ON24 by 13.7% during 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 in the last quarter. Acadian Asset Management LLC grew its holdings in shares of ON24 by 1.8% during 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 in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of ON24 by 14.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 593,954 shares of the company’s stock worth $3,225,000 after purchasing an additional 74,010 shares in the last quarter. 83.93% of the stock is owned by institutional investors and hedge funds.

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.