Sharat Sharan Sells 17,750 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF) insider Sharat Sharan sold 17,750 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $6.13, for a total value of $108,807.50. Following the transaction, the insider now owns 3,069,728 shares in the company, valued at approximately $18,817,432.64. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Sharat Sharan also recently made the following trade(s):

• On Tuesday, September 17th, Sharat Sharan sold 37,965 shares of ON24 stock. The stock was sold at an average price of $6.22, for a total value of $236,142.30.

ON24 Trading Up 2.2 %

Shares of ONTF stock traded up $0.13 during midday trading on Wednesday, reaching $6.09. 77,813 shares of the stock were exchanged, compared to its average volume of 187,624. ON24, Inc. has a 1 year low of $5.37 and a 1 year high of $8.35. The firm has a market cap of $254.96 million, a PE ratio of -5.86 and a beta of 0.47. The company’s 50 day moving average is $6.19 and its two-hundred day moving average is $6.30.

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

Wall Street Analysts Forecast Growth

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

Institutional Trading of ON24

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC boosted its stake in ON24 by 8.8% during the second quarter. Cubist Systematic Strategies LLC now owns 65,690 shares of the company’s stock worth $395,000 after acquiring an additional 5,337 shares in the last quarter. The Manufacturers Life Insurance Company boosted 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 worth $81,000 after purchasing an additional 2,158 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of ON24 in the 2nd quarter worth approximately $427,000. Marshall Wace LLP bought a new position in ON24 during the 2nd quarter valued at approximately $72,000. Finally, Renaissance Technologies LLC increased its position in ON24 by 12.9% during the 2nd quarter. Renaissance Technologies LLC now owns 726,434 shares of the company’s stock valued at $4,366,000 after buying an additional 83,000 shares in the last quarter. 83.93% of the stock is owned by hedge funds and other institutional investors.

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.