ON24, Inc. (NYSE:ONTF) Insider Sharat Sharan Sells 37,965 Shares

ON24, Inc. (NYSE:ONTF) insider Sharat Sharan sold 37,965 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $6.22, for a total transaction of $236,142.30. Following the transaction, the insider now directly owns 3,087,478 shares in the company, valued at $19,204,113.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

ON24 Trading Up 2.5 %

NYSE ONTF traded up $0.15 on Thursday, hitting $6.22. 119,851 shares of the company’s stock were exchanged, compared to its average volume of 189,764. The stock has a 50-day moving average of $6.23 and a 200-day moving average of $6.34. The stock has a market cap of $258.32 million, a price-to-earnings ratio of -5.98 and a beta of 0.47. ON24, Inc. has a 52 week low of $5.37 and a 52 week high of $8.35.

ON24 (NYSE:ONTF) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.10). ON24 had a negative return on equity of 21.81% and a negative net margin of 28.14%. The business had revenue of $37.35 million for the quarter, compared to the consensus estimate of $36.31 million. As a group, analysts predict that ON24, Inc. will post -0.73 earnings per share for the current year.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On ON24

Hedge funds have recently made changes to their positions in the stock. Marshall Wace LLP bought a new position in ON24 in the 2nd quarter valued at approximately $72,000. The Manufacturers Life Insurance Company increased its holdings in shares of ON24 by 19.1% during the second quarter. The Manufacturers Life Insurance Company now owns 13,477 shares of the company’s stock worth $81,000 after buying an additional 2,158 shares in the last quarter. Quadrature Capital Ltd increased its holdings in shares of ON24 by 8.9% during the first quarter. Quadrature Capital Ltd now owns 29,353 shares of the company’s stock worth $209,000 after buying an additional 2,401 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in shares of ON24 by 8.8% in 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. Finally, Squarepoint Ops LLC acquired a new stake in shares of ON24 during the 2nd quarter valued at $427,000. 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.