Insider Selling: ON24, Inc. (NYSE:ONTF) Insider Sells 1,941 Shares of Stock

ON24, Inc. (NYSE:ONTF) insider Jayesh Sahasi sold 1,941 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $5.91, for a total value of $11,471.31. Following the transaction, the insider now directly owns 717,718 shares of the company’s stock, valued at approximately $4,241,713.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Jayesh Sahasi also recently made the following trade(s):

• On Thursday, September 5th, Jayesh Sahasi sold 2,285 shares of ON24 stock. The shares were sold at an average price of $6.16, for a total transaction of $14,075.60.
• On Tuesday, September 3rd, Jayesh Sahasi sold 4,468 shares of ON24 stock. The stock was sold at an average price of $6.35, for a total transaction of $28,371.80.
• On Thursday, July 11th, Jayesh Sahasi sold 17,731 shares of ON24 stock. The stock was sold at an average price of $6.03, for a total value of $106,917.93.
• On Wednesday, July 3rd, Jayesh Sahasi sold 1,800 shares of ON24 stock. The shares were sold at an average price of $6.00, for a total value of $10,800.00.
• On Monday, July 1st, Jayesh Sahasi sold 3 shares of ON24 stock. The stock was sold at an average price of $6.00, for a total transaction of $18.00.

ON24 Price Performance

ON24 stock traded down $0.07 during trading hours on Monday, hitting $5.84. The company had a trading volume of 115,632 shares, compared to its average volume of 191,159. ON24, Inc. has a one year low of $5.37 and a one year high of $8.35. The firm has a market cap of $242.54 million, a PE ratio of -5.62 and a beta of 0.47. The firm has a 50-day moving average of $6.21 and a 200 day moving average of $6.39.

ON24 (NYSE:ONTF) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.10). ON24 had a negative net margin of 28.14% and a negative return on equity of 21.81%. The firm had revenue of $37.35 million during the quarter, compared to the consensus estimate of $36.31 million. As a group, research analysts expect that ON24, Inc. will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On ON24

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP bought a new position in shares of ON24 in the second quarter worth $72,000. The Manufacturers Life Insurance Company raised its position in shares of ON24 by 19.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,477 shares of the company’s stock valued at $81,000 after buying an additional 2,158 shares in the last quarter. Quadrature Capital Ltd boosted its position in shares of ON24 by 8.9% during the 1st quarter. Quadrature Capital Ltd now owns 29,353 shares of the company’s stock worth $209,000 after acquiring an additional 2,401 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in ON24 in the fourth quarter valued at approximately $375,000. Finally, Quest Partners LLC acquired a new position in ON24 during the fourth quarter valued at approximately $440,000. 83.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ONTF shares. JPMorgan Chase & Co. decreased their price objective on shares of ON24 from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of ON24 in a report on Wednesday, August 7th.

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.