James Blackie Sells 6,282 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF) CRO James Blackie sold 6,282 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $5.60, for a total transaction of $35,179.20. Following the sale, the executive now owns 531,721 shares of the company’s stock, valued at approximately $2,977,637.60. This represents a 1.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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 value of $22,320.66.
• 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 stock was sold at an average price of $5.54, for a total transaction of $92,889.18.
• On Thursday, March 6th, James Blackie sold 800 shares of ON24 stock. The stock was sold at an average price of $5.81, for a total transaction of $4,648.00.

ON24 Stock Down 2.0%

ON24 stock opened at $5.49 on Thursday. The firm has a market capitalization of $233.19 million, a PE ratio of -5.28 and a beta of 0.66. ON24, Inc. has a 52 week low of $4.35 and a 52 week high of $7.04. The firm’s 50-day simple moving average is $5.00 and its 200 day simple moving average is $5.90.

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.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. decreased their target price on shares of ON24 from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. William Blair reissued a “market perform” rating on shares of ON24 in a report on Wednesday, February 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of ON24 in a report on Wednesday, February 26th. 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. Finally, Robert W. Baird lowered their price target on ON24 from $7.00 to $5.00 and set a “neutral” rating on the stock in a report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, ON24 has a consensus rating of “Hold” and a consensus price target of $5.33.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ONTF. Lynrock Lake LP increased its position in ON24 by 4.5% during the first quarter. Lynrock Lake LP now owns 7,659,474 shares of the company’s stock worth $39,829,000 after buying an additional 329,715 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of ON24 by 43.5% during the fourth quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company’s stock valued at $5,307,000 after acquiring an additional 249,045 shares during the last quarter. Acadian Asset Management LLC increased its position in 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 position in 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 acquired a new position in ON24 in the 4th quarter valued at about $777,000. 83.93% of the stock is currently owned by institutional investors and hedge funds.

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.