ON24, Inc. $ONTF Shares Bought by Hsbc Holdings PLC

Hsbc Holdings PLC grew its stake in shares of ON24, Inc. (NYSE:ONTF) by 115.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,363 shares of the company’s stock after purchasing an additional 42,018 shares during the quarter. Hsbc Holdings PLC owned approximately 0.18% of ON24 worth $409,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the business. American Century Companies Inc. increased its holdings in shares of ON24 by 32.6% in the 1st quarter. American Century Companies Inc. now owns 41,333 shares of the company’s stock valued at $215,000 after acquiring an additional 10,171 shares during the period. Nuveen LLC acquired a new position in ON24 in the 1st quarter valued at $357,000. R Squared Ltd increased its stake in ON24 by 74.6% in the 1st quarter. R Squared Ltd now owns 41,415 shares of the company’s stock valued at $215,000 after buying an additional 17,693 shares during the period. P.A.W. Capital Corp increased its stake in ON24 by 113.3% in the 1st quarter. P.A.W. Capital Corp now owns 160,000 shares of the company’s stock valued at $832,000 after buying an additional 85,000 shares during the period. Finally, Squarepoint Ops LLC increased its stake in ON24 by 56.6% in the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock valued at $102,000 after buying an additional 5,713 shares during the period. 83.93% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other ON24 news, CFO Steven Vattuone sold 5,117 shares of the business’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $5.25, for a total transaction of $26,864.25. Following the sale, the chief financial officer directly owned 626,321 shares in the company, valued at approximately $3,288,185.25. The trade was a 0.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Lake Lp Lynrock bought 33,407 shares of the firm’s stock in a transaction on Thursday, June 12th. The shares were bought at an average price of $5.56 per share, for a total transaction of $185,742.92. Following the completion of the transaction, the insider directly owned 8,293,974 shares in the company, valued at approximately $46,114,495.44. This represents a 0.40% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 121,525 shares of company stock worth $674,536 and have sold 180,000 shares worth $968,250. Insiders own 33.00% of the company’s stock.

ON24 Stock Performance

Shares of NYSE ONTF opened at $5.58 on Wednesday. The firm has a market capitalization of $235.88 million, a P/E ratio of -6.48 and a beta of 0.66. ON24, Inc. has a one year low of $4.35 and a one year high of $7.03. The company’s fifty day moving average is $5.27 and its two-hundred day moving average is $5.30.

ON24 announced that its board has approved a stock repurchase program on Monday, May 12th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 22.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

ONTF has been the topic of several recent research reports. Robert W. Baird dropped their price objective on shares of ON24 from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Wall Street Zen raised shares of ON24 from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Finally, Canaccord Genuity Group dropped their price objective on shares of ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a research note on Thursday, May 8th. Five equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, ON24 currently has an average rating of “Hold” and an average price target of $5.33.

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.