Los Angeles Capital Management LLC Cuts Stake in ON24, Inc. (NYSE:ONTF)

Los Angeles Capital Management LLC cut its holdings in ON24, Inc. (NYSE:ONTF) by 10.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 190,682 shares of the company’s stock after selling 21,900 shares during the period. Los Angeles Capital Management LLC’s holdings in ON24 were worth $1,167,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of ON24 in the third quarter worth about $62,000. Marshall Wace LLP purchased a new position in ON24 during the 2nd quarter valued at approximately $72,000. The Manufacturers Life Insurance Company increased its stake in ON24 by 19.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,477 shares of the company’s stock worth $81,000 after acquiring an additional 2,158 shares during the last quarter. Quadrature Capital Ltd boosted its position in shares of ON24 by 8.9% during the 1st quarter. Quadrature Capital Ltd now owns 29,353 shares of the company’s stock valued at $209,000 after acquiring an additional 2,401 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its position in shares of ON24 by 8.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 65,690 shares of the company’s stock valued at $395,000 after acquiring an additional 5,337 shares during the last quarter. 83.93% of the stock is currently owned by institutional investors.

ON24 Stock Performance

NYSE ONTF opened at $6.46 on Friday. The company has a market cap of $268.28 million, a PE ratio of -6.39 and a beta of 0.46. The firm’s 50 day moving average price is $6.19 and its 200-day moving average price is $6.17. ON24, Inc. has a 52-week low of $5.37 and a 52-week high of $8.35.

Insiders Place Their Bets

In related news, insider Jayesh Sahasi sold 4,468 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $6.35, for a total transaction of $28,371.80. Following the completion of the sale, the insider now owns 727,913 shares of the company’s stock, valued at $4,622,247.55. This represents a 0.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sharat Sharan sold 17,750 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $6.13, for a total value of $108,807.50. Following the sale, the insider now owns 3,069,728 shares of the company’s stock, valued at approximately $18,817,432.64. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 93,045 shares of company stock worth $574,920 over the last 90 days. Company insiders own 32.30% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on ONTF shares. Needham & Company LLC reiterated a “hold” rating on shares of ON24 in a research report on Friday, November 8th. JPMorgan Chase & Co. lowered their target price on ON24 from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th.

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.