ON24 (NYSE:ONTF) Stock Rating Lowered by Wall Street Zen

ON24 (NYSE:ONTF) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Friday.

Several other analysts have also commented on ONTF. Canaccord Genuity Group dropped their price target on shares of ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. Robert W. Baird lowered their target price 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. Five research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.33.

ON24 Price Performance

Shares of NYSE ONTF opened at $5.47 on Friday. The stock has a market capitalization of $231.22 million, a price-to-earnings ratio of -6.35 and a beta of 0.66. The firm’s 50 day simple moving average is $5.27 and its 200-day simple moving average is $5.28. ON24 has a 12 month low of $4.35 and a 12 month high of $7.03.

ON24 announced that its board has approved a share repurchase program on Monday, May 12th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 22.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other ON24 news, CRO James Blackie sold 4,592 shares of the business’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $5.52, for a total transaction of $25,347.84. Following the completion of the sale, the executive directly owned 512,852 shares in the company, valued at approximately $2,830,943.04. The trade was a 0.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Steven Vattuone sold 6,394 shares of the stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $5.52, for a total value of $35,294.88. Following the transaction, the chief financial officer directly owned 613,156 shares of the company’s stock, valued at $3,384,621.12. The trade was a 1.03% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders acquired 81,242 shares of company stock worth $452,174 and sold 185,334 shares worth $997,076. 33.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ON24

A number of large investors have recently modified their holdings of the business. AQR Capital Management LLC raised its holdings in ON24 by 15.9% in the 1st quarter. AQR Capital Management LLC now owns 21,741 shares of the company’s stock valued at $113,000 after acquiring an additional 2,989 shares during the last quarter. Wells Fargo & Company MN raised its position in 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 purchasing an additional 3,518 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of ON24 by 24.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,487 shares of the company’s stock valued at $111,000 after purchasing an additional 4,004 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of ON24 by 0.4% in the 2nd quarter. Federated Hermes Inc. now owns 1,172,241 shares of the company’s stock valued at $6,365,000 after purchasing an additional 4,578 shares during the last quarter. Finally, Intech Investment Management LLC grew its holdings in shares of ON24 by 26.4% during the 2nd quarter. Intech Investment Management LLC now owns 23,042 shares of the company’s stock worth $125,000 after purchasing an additional 4,809 shares during the period. Hedge funds and other institutional investors own 83.93% of the company’s stock.

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.