Canaccord Genuity Group Raises ON24 (NYSE:ONTF) Price Target to $6.00

ON24 (NYSE:ONTF) had its price target increased by research analysts at Canaccord Genuity Group from $5.00 to $6.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 7.05% from the company’s current price.

A number of other research firms have also weighed in on ONTF. Wall Street Zen lowered ON24 from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ON24 in a report on Wednesday, October 8th. Finally, Robert W. Baird boosted their price target on ON24 from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Tuesday. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $6.00.

ON24 Stock Performance

Shares of ONTF opened at $5.61 on Tuesday. The company has a 50 day moving average price of $5.55 and a 200-day moving average price of $5.37. ON24 has a fifty-two week low of $4.35 and a fifty-two week high of $7.03. The stock has a market capitalization of $237.13 million, a PE ratio of -7.57 and a beta of 0.66.

Insiders Place Their Bets

In other ON24 news, insider Jayesh Sahasi sold 4,608 shares of the firm’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $5.52, for a total value of $25,436.16. Following the completion of the sale, the insider owned 737,913 shares of the company’s stock, valued at approximately $4,073,279.76. This trade represents a 0.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Steven Vattuone sold 20,116 shares of the business’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $5.54, for a total value of $111,442.64. Following the sale, the chief financial officer owned 583,594 shares in the company, valued at $3,233,110.76. The trade was a 3.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 157,441 shares of company stock valued at $864,434. 33.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Lynrock Lake LP raised its holdings in shares of 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 buying an additional 329,715 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of ON24 by 0.5% during the third quarter. Federated Hermes Inc. now owns 1,177,588 shares of the company’s stock valued at $6,736,000 after buying an additional 5,347 shares during the last quarter. Geode Capital Management LLC increased 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 valued at $4,629,000 after acquiring an additional 102,396 shares during the period. Acadian Asset Management LLC increased 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 valued at $4,590,000 after acquiring an additional 14,851 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its stake in ON24 by 14.2% in the 2nd 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 and hedge funds 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.