Renaissance Technologies LLC Grows Position in ON24, Inc. (NYSE:ONTF)

Renaissance Technologies LLC lifted its stake in shares of ON24, Inc. (NYSE:ONTF) by 12.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 726,434 shares of the company’s stock after acquiring an additional 83,000 shares during the period. Renaissance Technologies LLC’s holdings in ON24 were worth $4,366,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its stake in ON24 by 856.5% in the 1st quarter. Acadian Asset Management LLC now owns 469,544 shares of the company’s stock worth $3,351,000 after buying an additional 420,455 shares during the last quarter. Circumference Group LLC purchased a new position in shares of ON24 during the 4th quarter worth about $2,303,000. Los Angeles Capital Management LLC boosted its position in shares of ON24 by 413.1% in the first quarter. Los Angeles Capital Management LLC now owns 244,032 shares of the company’s stock worth $1,742,000 after acquiring an additional 196,472 shares during the last quarter. Trexquant Investment LP purchased a new stake in ON24 in the fourth quarter valued at approximately $577,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in ON24 during the first quarter worth approximately $461,000. Institutional investors and hedge funds own 83.93% of the company’s stock.

Analysts Set New Price Targets

Several research analysts 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 on the stock in a research report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of ON24 in a report on Wednesday, August 7th.

Insiders Place Their Bets

In related news, insider Sharat Sharan sold 37,965 shares of ON24 stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $6.22, for a total value of $236,142.30. Following the completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ON24 news, insider Jayesh Sahasi sold 17,731 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $6.03, for a total value of $106,917.93. Following the sale, the insider now owns 736,516 shares in the company, valued at $4,441,191.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sharat Sharan sold 37,965 shares of ON24 stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $6.22, for a total transaction of $236,142.30. Following the sale, the insider now owns 3,087,478 shares in the company, valued at $19,204,113.16. The disclosure for this sale can be found here. Insiders have sold 126,084 shares of company stock worth $777,426 in the last three months. 32.30% of the stock is owned by insiders.

ON24 Stock Performance

NYSE ONTF opened at $6.20 on Friday. The business has a 50 day moving average price of $6.22 and a two-hundred day moving average price of $6.32. ON24, Inc. has a fifty-two week low of $5.37 and a fifty-two week high of $8.35.

ON24 (NYSE:ONTF) last announced its earnings results 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 net margin of 28.14% and a negative return on equity of 21.81%. The firm had revenue of $37.35 million during the quarter, compared to analysts’ expectations of $36.31 million. As a group, sell-side analysts forecast that ON24, Inc. will post -0.73 EPS for the current fiscal year.

ON24 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.