JPMorgan Chase & Co. Issues Pessimistic Forecast for ON24 (NYSE:ONTF) Stock Price

ON24 (NYSE:ONTF) had its price target lowered by JPMorgan Chase & Co. from $7.00 to $6.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of ON24 in a research report on Wednesday.

ON24 Price Performance

Shares of ON24 stock opened at $5.80 on Wednesday. ON24 has a 1 year low of $5.37 and a 1 year high of $7.48. The business has a 50-day moving average of $6.59 and a two-hundred day moving average of $6.42. The company has a market capitalization of $241.58 million, a P/E ratio of -5.58 and a beta of 0.52.

Insider Transactions at ON24

In related news, insider Jayesh Sahasi sold 6,457 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $6.69, for a total transaction of $43,197.33. Following the completion of the transaction, the insider now directly owns 700,479 shares of the company’s stock, valued at approximately $4,686,204.51. This represents a 0.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Steven Vattuone sold 3,830 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $6.96, for a total value of $26,656.80. Following the transaction, the chief financial officer now directly owns 560,885 shares of the company’s stock, valued at $3,903,759.60. This trade represents a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 168,637 shares of company stock valued at $1,110,727 over the last three months. Company insiders own 32.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Barclays PLC boosted its position in ON24 by 48.7% during the third quarter. Barclays PLC now owns 101,837 shares of the company’s stock valued at $624,000 after purchasing an additional 33,352 shares during the last quarter. Jane Street Group LLC boosted its position in ON24 by 91.2% during the third quarter. Jane Street Group LLC now owns 61,122 shares of the company’s stock valued at $374,000 after purchasing an additional 29,148 shares during the last quarter. FMR LLC boosted its position in ON24 by 45.0% during the third quarter. FMR LLC now owns 27,483 shares of the company’s stock valued at $168,000 after purchasing an additional 8,528 shares during the last quarter. SG Americas Securities LLC boosted its position in ON24 by 38.1% during the fourth quarter. SG Americas Securities LLC now owns 14,092 shares of the company’s stock valued at $91,000 after purchasing an additional 3,891 shares during the last quarter. Finally, P.A.W. Capital Corp acquired a new stake in shares of ON24 in the fourth quarter valued at approximately $484,000. 83.93% of the stock is owned by institutional investors and hedge funds.

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.