Insider Selling: ON24, Inc. (NYSE:ONTF) CRO Sells 30,364 Shares of Stock
ON24, Inc. (NYSE:ONTF – Get Rating) CRO James Blackie sold 30,364 shares of the firm’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $12.69, for a total transaction of $385,319.16. Following the sale, the executive now directly owns 214,817 shares of the company’s stock, valued at approximately $2,726,027.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
James Blackie also recently made the following trade(s):
- On Friday, May 20th, James Blackie sold 2,706 shares of ON24 stock. The stock was sold at an average price of $11.25, for a total transaction of $30,442.50.
Shares of ONTF traded up $0.33 during trading hours on Friday, reaching $12.85. 249,462 shares of the company’s stock traded hands, compared to its average volume of 401,717. The firm has a market capitalization of $602.01 million, a price-to-earnings ratio of -16.69 and a beta of -0.06. ON24, Inc. has a twelve month low of $8.54 and a twelve month high of $41.33. The business’s fifty day simple moving average is $12.78 and its two-hundred day simple moving average is $14.79.
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ON24 (NYSE:ONTF – Get Rating) last released its earnings results on Monday, February 28th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.05. The firm had revenue of $52.03 million for the quarter, compared to analyst estimates of $51.53 million. ON24 had a negative return on equity of 10.44% and a negative net margin of 18.27%. During the same period in the previous year, the company earned $0.50 earnings per share. On average, research analysts forecast that ON24, Inc. will post -1.39 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on ONTF shares. Needham & Company LLC downgraded shares of ON24 from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. Robert W. Baird downgraded shares of ON24 from an “outperform” rating to a “neutral” rating and set a $18.00 price target for the company. in a research report on Tuesday, March 1st. Zacks Investment Research downgraded shares of ON24 from a “hold” rating to a “sell” rating in a research report on Saturday, May 21st. William Blair downgraded shares of ON24 from an “outperform” rating to a “market perform” rating in a research report on Tuesday, March 1st. Finally, Piper Sandler cut ON24 from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $25.00 to $17.00 in a research note on Tuesday, March 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $22.43.
A number of large investors have recently added to or reduced their stakes in ONTF. Lynrock Lake LP grew its holdings in ON24 by 152.9% during the fourth quarter. Lynrock Lake LP now owns 4,577,167 shares of the company’s stock worth $79,414,000 after acquiring an additional 2,767,001 shares during the period. Indaba Capital Management L.P. acquired a new position in ON24 during the third quarter worth about $47,331,000. Hawk Ridge Capital Management LP acquired a new position in ON24 during the fourth quarter worth about $35,929,000. Russell Investments Group Ltd. grew its holdings in ON24 by 724.0% during the first quarter. Russell Investments Group Ltd. now owns 1,415,519 shares of the company’s stock worth $18,612,000 after acquiring an additional 1,243,742 shares during the period. Finally, Jasper Ridge Partners L.P. acquired a new position in ON24 during the third quarter worth about $20,910,000. 70.24% of the stock is currently owned by hedge funds and other institutional investors.
About ON24 (Get Rating)
ON24, Inc provides a cloud-based digital experience platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 Experience products, such as ON24 Elite, a live and interactive webinar experience; ON24 Breakouts, a live breakout room experience that facilitates networking, collaboration and interactivity between users; ON24 Go Live, a live, interactive video event experience that enables presenters and attendees to engage face-to-face in real-time; ON24 Virtual Confrence, a live and large scale virtual event experience; ON24 Engagement Hub, a rich multimedia content experience; and ON24 Target, a personalized and curated rich multimedia content experience, as well as solutions; ON24 Intelligence, an analytics backbone that captures first-person data to power the insights, benchmarking, reporting, and artificial intelligence and machine learning engine; and ON24 Connect, an ecosystem of third-party application integrations.
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