Insider Selling: ON24, Inc. (NYSE:ONTF) Insider Sells 37,965 Shares of Stock

ON24, Inc. (NYSE:ONTF) insider Sharat Sharan sold 37,965 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $6.22, for a total transaction of $236,142.30. Following the completion of the transaction, the insider now owns 3,087,478 shares in the company, valued at approximately $19,204,113.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

ON24 Price Performance

ONTF stock opened at $6.26 on Friday. ON24, Inc. has a 1 year low of $5.37 and a 1 year high of $8.35. The firm has a 50-day moving average of $6.23 and a 200 day moving average of $6.34.

ON24 (NYSE:ONTF) last announced its 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 return on equity of 21.81% and a negative net margin of 28.14%. The firm had revenue of $37.35 million during the quarter, compared to the consensus estimate of $36.31 million. On average, sell-side analysts expect that ON24, Inc. will post -0.73 EPS for the current fiscal year.

Institutional Trading of ON24

A number of hedge funds have recently modified their holdings of the business. Trexquant Investment LP purchased a new position in ON24 during the 4th quarter valued at about $577,000. Quest Partners LLC bought a new stake in shares of ON24 in the 4th quarter worth approximately $440,000. Circumference Group LLC purchased a new stake in shares of ON24 in the 4th quarter worth approximately $2,303,000. Los Angeles Capital Management LLC increased its position in ON24 by 413.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 244,032 shares of the company’s stock valued at $1,742,000 after buying an additional 196,472 shares in the last quarter. Finally, Horrell Capital Management Inc. raised its stake in ON24 by 32.5% during the first quarter. Horrell Capital Management Inc. now owns 387,196 shares of the company’s stock valued at $2,765,000 after buying an additional 95,000 shares during the last quarter. Institutional investors own 83.93% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.