ON24, Inc. (NYSE:ONTF) Stake Lowered by XTX Topco Ltd

XTX Topco Ltd reduced its stake in shares of ON24, Inc. (NYSE:ONTF) by 46.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,326 shares of the company’s stock after selling 15,233 shares during the period. XTX Topco Ltd’s holdings in ON24 were worth $90,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ONTF. Squarepoint Ops LLC boosted its holdings in ON24 by 56.6% in the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock worth $102,000 after purchasing an additional 5,713 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in ON24 by 25.6% in the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company’s stock worth $112,000 after purchasing an additional 3,518 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in ON24 in the fourth quarter worth $175,000. Price T Rowe Associates Inc. MD boosted its holdings in ON24 by 30.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,632 shares of the company’s stock worth $308,000 after purchasing an additional 11,234 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in ON24 by 18.6% in the fourth quarter. Bank of America Corp DE now owns 47,999 shares of the company’s stock worth $310,000 after purchasing an additional 7,531 shares in the last quarter. 83.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ON24

In related news, major shareholder Lake Lp Lynrock acquired 47,692 shares of the business’s stock in a transaction dated Monday, June 9th. The stock was acquired at an average price of $5.57 per share, with a total value of $265,644.44. Following the completion of the transaction, the insider owned 8,212,732 shares of the company’s stock, valued at approximately $45,744,917.24. This represents a 0.58% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Sharat Sharan sold 61,467 shares of the company’s stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $5.47, for a total transaction of $336,224.49. Following the transaction, the insider directly owned 3,550,917 shares of the company’s stock, valued at $19,423,515.99. This represents a 1.70% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 374,847 shares of company stock valued at $2,082,500 and have sold 247,848 shares valued at $1,347,116. 33.00% of the stock is currently owned by corporate insiders.

ON24 Stock Performance

Shares of ONTF opened at $5.22 on Friday. The company has a 50-day simple moving average of $5.24 and a 200-day simple moving average of $5.43. The firm has a market capitalization of $220.86 million, a P/E ratio of -6.07 and a beta of 0.65. ON24, Inc. has a 52 week low of $4.35 and a 52 week high of $7.03.

ON24 declared that its board has initiated a stock buyback program on Monday, May 12th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 22.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

ONTF has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of ON24 from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Canaccord Genuity Group lowered their price target on ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. Finally, Robert W. Baird lowered their price target on ON24 from $7.00 to $5.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.33.

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.