Bank of New York Mellon Corp Raises Stake in ON24, Inc. (NYSE:ONTF)

Bank of New York Mellon Corp lifted its position in ON24, Inc. (NYSE:ONTF) by 14.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 98,089 shares of the company’s stock after purchasing an additional 12,400 shares during the period. Bank of New York Mellon Corp owned about 0.23% of ON24 worth $590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of ONTF. Vanguard Group Inc. raised its position in shares of ON24 by 2.1% during the first quarter. Vanguard Group Inc. now owns 2,443,583 shares of the company’s stock valued at $17,447,000 after buying an additional 49,498 shares during the last quarter. Acadian Asset Management LLC lifted its stake in ON24 by 856.5% in the 1st quarter. Acadian Asset Management LLC now owns 469,544 shares of the company’s stock worth $3,351,000 after purchasing an additional 420,455 shares in the last quarter. Horrell Capital Management Inc. boosted its holdings in shares of ON24 by 32.5% during the 1st quarter. Horrell Capital Management Inc. now owns 387,196 shares of the company’s stock valued at $2,765,000 after purchasing an additional 95,000 shares during the last quarter. Circumference Group LLC bought a new position in shares of ON24 during the 4th quarter valued at about $2,303,000. Finally, Los Angeles Capital Management LLC increased its holdings in shares of ON24 by 413.1% in the first quarter. Los Angeles Capital Management LLC now owns 244,032 shares of the company’s stock worth $1,742,000 after purchasing an additional 196,472 shares during the last quarter. 83.93% of the stock is currently owned by institutional investors.

ON24 Stock Down 3.5 %

Shares of NYSE:ONTF opened at $6.03 on Tuesday. The company has a market capitalization of $250.43 million, a price-to-earnings ratio of -5.80 and a beta of 0.47. ON24, Inc. has a 52 week low of $5.37 and a 52 week high of $8.35. The firm has a 50 day moving average of $6.23 and a 200 day moving average of $6.33.

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

Insider Buying and Selling at ON24

In related news, insider Jayesh Sahasi sold 17,731 shares of the business’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $6.03, for a total transaction of $106,917.93. Following the transaction, the insider now directly owns 736,516 shares in the company, valued at approximately $4,441,191.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other ON24 news, insider Jayesh Sahasi sold 17,731 shares of the firm’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $6.03, for a total value of $106,917.93. Following the completion of the transaction, the insider now owns 736,516 shares of the company’s stock, valued at $4,441,191.48. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Steven Vattuone sold 5,216 shares of ON24 stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $6.35, for a total transaction of $33,121.60. Following the sale, the chief financial officer now owns 563,567 shares of the company’s stock, valued at $3,578,650.45. The disclosure for this sale can be found here. Insiders sold a total of 126,084 shares of company stock worth $777,426 over the last three months. Corporate insiders own 32.30% of the company’s stock.

Wall Street Analyst Weigh In

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