ON24 (NYSE:ONTF) Downgraded to Hold Rating by Wall Street Zen

ON24 (NYSE:ONTF) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of ON24 in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $5.33.

ON24 Price Performance

Shares of ON24 stock opened at $5.65 on Friday. The business has a 50-day moving average of $5.58 and a 200-day moving average of $5.29. The company has a market capitalization of $238.84 million, a PE ratio of -6.56 and a beta of 0.66. ON24 has a 1-year low of $4.35 and a 1-year high of $7.03.

Insider Transactions at ON24

In related news, CRO James Blackie sold 4,592 shares of ON24 stock in a transaction dated Thursday, September 4th. The stock was 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 trade represents a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sharat Sharan sold 32,159 shares of ON24 stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $5.55, for a total value of $178,482.45. Following the completion of the transaction, the insider owned 3,620,863 shares of the company’s stock, valued at $20,095,789.65. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 157,441 shares of company stock valued at $864,434 over the last ninety days. 33.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ON24

A number of large investors have recently bought and sold shares of the business. Lynrock Lake LP lifted its holdings in ON24 by 4.5% in the first quarter. Lynrock Lake LP now owns 7,659,474 shares of the company’s stock worth $39,829,000 after acquiring an additional 329,715 shares during the last quarter. Federated Hermes Inc. lifted its holdings in ON24 by 0.4% in the second quarter. Federated Hermes Inc. now owns 1,172,241 shares of the company’s stock worth $6,365,000 after acquiring an additional 4,578 shares during the last quarter. Geode Capital Management LLC lifted its holdings in ON24 by 13.7% in the second quarter. Geode Capital Management LLC now owns 852,320 shares of the company’s stock worth $4,629,000 after acquiring an additional 102,396 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in ON24 by 1.8% in the second quarter. Acadian Asset Management LLC now owns 845,702 shares of the company’s stock worth $4,590,000 after acquiring an additional 14,851 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in ON24 by 14.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 593,954 shares of the company’s stock worth $3,225,000 after acquiring an additional 74,010 shares during the last quarter. Institutional investors own 83.93% of the company’s stock.

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.