JPMorgan Chase & Co. Cuts ON24 (NYSE:ONTF) Price Target to $6.00

ON24 (NYSE:ONTF) had its price objective trimmed by JPMorgan Chase & Co. from $7.00 to $6.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

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

ON24 Stock Up 0.5 %

Shares of ON24 stock opened at $5.59 on Wednesday. ON24 has a 52-week low of $5.37 and a 52-week high of $7.38. The company’s 50-day simple moving average is $6.55 and its 200-day simple moving average is $6.41. The firm has a market cap of $232.83 million, a price-to-earnings ratio of -5.38 and a beta of 0.52.

Insider Transactions at ON24

In other ON24 news, insider Sharat Sharan sold 36,189 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $6.20, for a total transaction of $224,371.80. Following the transaction, the insider now directly owns 3,113,728 shares in the company, valued at approximately $19,305,113.60. This represents a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Steven Vattuone sold 4,269 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $6.63, for a total transaction of $28,303.47. Following the transaction, the chief financial officer now owns 579,322 shares in the company, valued at $3,840,904.86. The trade was a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 168,637 shares of company stock worth $1,110,727 over the last ninety days. 32.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC grew its position in ON24 by 48.7% during the third quarter. Barclays PLC now owns 101,837 shares of the company’s stock worth $624,000 after buying an additional 33,352 shares during the period. Jane Street Group LLC grew its position in shares of ON24 by 91.2% in 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. P.A.W. Capital Corp acquired a new stake in shares of ON24 in the fourth quarter valued at approximately $484,000. FMR LLC grew its position in shares of ON24 by 45.0% in 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. Finally, SG Americas Securities LLC grew its position in shares of ON24 by 38.1% in 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. 83.93% of the stock is currently 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.