Insider Selling: ON24, Inc. (NYSE:ONTF) Insider Sells $144,459.45 in Stock

ON24, Inc. (NYSE:ONTF) insider Sharat Sharan sold 21,465 shares of the company’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $6.73, for a total value of $144,459.45. Following the completion of the sale, the insider now owns 3,102,983 shares in the company, valued at approximately $20,883,075.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

ON24 Trading Down 2.9 %

NYSE ONTF opened at $6.62 on Friday. The stock has a market capitalization of $276.91 million, a price-to-earnings ratio of -5.83 and a beta of 0.49. ON24, Inc. has a twelve month low of $5.73 and a twelve month high of $9.55. The stock has a 50-day moving average of $6.86 and a 200 day moving average of $7.12.

ON24 (NYSE:ONTF) last announced its earnings results on Thursday, February 22nd. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.25). ON24 had a negative net margin of 31.63% and a negative return on equity of 18.49%. The firm had revenue of $39.34 million for the quarter, compared to analyst estimates of $37.29 million. During the same period in the previous year, the company earned ($0.23) EPS. Equities analysts predict that ON24, Inc. will post -0.6 EPS for the current fiscal year.

Hedge Funds Weigh In On ON24

A number of hedge funds have recently made changes to their positions in the company. Brandywine Global Investment Management LLC raised its holdings in shares of ON24 by 2.0% during the third quarter. Brandywine Global Investment Management LLC now owns 260,700 shares of the company’s stock valued at $1,650,000 after acquiring an additional 5,100 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of ON24 by 62.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 13,673 shares of the company’s stock valued at $87,000 after purchasing an additional 5,258 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of ON24 by 124.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 15,528 shares of the company’s stock valued at $122,000 after purchasing an additional 8,600 shares during the last quarter. Gladius Capital Management LP acquired a new stake in shares of ON24 in the fourth quarter valued at approximately $71,000. Finally, GSA Capital Partners LLP increased its holdings in shares of ON24 by 18.3% in the first quarter. GSA Capital Partners LLP now owns 81,771 shares of the company’s stock valued at $584,000 after purchasing an additional 12,676 shares during the last quarter. Institutional investors and hedge funds own 83.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group lowered their target price on ON24 from $10.00 to $9.00 and set a “hold” rating on the stock in a research note on Friday, February 23rd.

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.