ON24, Inc. (NYSE:ONTF) Shares Purchased by Squarepoint Ops LLC

Squarepoint Ops LLC increased its position in shares of ON24, Inc. (NYSE:ONTF) by 56.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,804 shares of the company’s stock after purchasing an additional 5,713 shares during the quarter. Squarepoint Ops LLC’s holdings in ON24 were worth $102,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC increased its position in shares of ON24 by 38.1% in the fourth quarter. SG Americas Securities LLC now owns 14,092 shares of the company’s stock valued at $91,000 after buying an additional 3,891 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of ON24 by 25.6% in the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company’s stock valued at $112,000 after buying an additional 3,518 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of ON24 in the fourth quarter valued at approximately $175,000. American Century Companies Inc. increased its position in shares of ON24 by 39.2% in the fourth quarter. American Century Companies Inc. now owns 31,162 shares of the company’s stock valued at $201,000 after buying an additional 8,776 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of ON24 in the fourth quarter valued at approximately $210,000. 83.93% of the stock is currently owned by hedge funds and other institutional investors.

ON24 Stock Up 0.7%

Shares of NYSE ONTF opened at $5.57 on Tuesday. The stock has a market cap of $236.59 million, a PE ratio of -5.36 and a beta of 0.66. ON24, Inc. has a 52-week low of $4.35 and a 52-week high of $7.04. The business has a 50-day moving average price of $5.02 and a 200 day moving average price of $5.87.

ON24 announced that its Board of Directors has authorized a share repurchase program on Monday, May 12th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 22.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

ONTF has been the subject of several research reports. William Blair reiterated a “market perform” rating on shares of ON24 in a research report on Wednesday, February 26th. Canaccord Genuity Group lowered their price objective on ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a research note on Thursday, May 8th. Robert W. Baird lowered their price objective on ON24 from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. JPMorgan Chase & Co. lowered their price objective on ON24 from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Finally, Needham & Company LLC reissued a “hold” rating on shares of ON24 in a research note on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $5.33.

Insider Activity

In other ON24 news, CFO Steven Vattuone sold 4,692 shares of the business’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $5.54, for a total transaction of $25,993.68. Following the transaction, the chief financial officer now owns 659,028 shares in the company, valued at $3,651,015.12. The trade was a 0.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Lake Lp Lynrock acquired 40,283 shares of ON24 stock in a transaction on Thursday, June 5th. The shares were bought at an average price of $5.52 per share, for a total transaction of $222,362.16. Following the purchase, the insider now owns 8,124,757 shares of the company’s stock, valued at $44,848,658.64. This represents a 0.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 465,009 shares of company stock valued at $2,583,301 and sold 193,055 shares valued at $1,049,559. Company insiders own 33.00% of the company’s stock.

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.