ON24 (NYSE:ONTF) Board Announces Share Buyback Program

ON24 (NYSE:ONTF) announced that its board has approved a share buyback plan on Monday, May 12th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 22.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

ON24 Stock Performance

Shares of ONTF opened at $5.20 on Tuesday. The stock has a 50-day moving average of $5.04 and a two-hundred day moving average of $6.00. The stock has a market cap of $220.86 million, a P/E ratio of -5.00 and a beta of 0.56. ON24 has a one year low of $4.35 and a one year high of $7.04.

Analyst Ratings Changes

Several brokerages have issued reports on ONTF. Robert W. Baird dropped their target price on ON24 from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. Canaccord Genuity Group decreased their price target on shares of ON24 from $9.00 to $5.00 and set a “hold” rating for the company in a research note on Thursday, May 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of ON24 in a research note on Wednesday, February 26th. William Blair reaffirmed a “market perform” rating on shares of ON24 in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of ON24 from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, ON24 currently has an average rating of “Hold” and a consensus target price of $5.33.

Insiders Place Their Bets

In related news, CFO Steven Vattuone sold 6,146 shares of ON24 stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $6.68, for a total value of $41,055.28. Following the sale, the chief financial officer now directly owns 534,386 shares in the company, valued at approximately $3,569,698.48. The trade was a 1.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Anil Arora acquired 8,661 shares of the business’s stock in a transaction on Thursday, March 13th. The stock was acquired at an average price of $5.65 per share, with a total value of $48,934.65. Following the acquisition, the director now owns 126,048 shares in the company, valued at $712,171.20. The trade was a 7.38% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 206,529 shares of company stock valued at $1,174,541 and have sold 150,296 shares valued at $838,166. 32.30% of the stock is owned by insiders.

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.