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

ON24 (NYSE:ONTF) had its price objective lowered by JPMorgan Chase & Co. from $7.00 to $6.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 3.99% from the stock’s previous close.

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

ON24 Stock Down 4.5 %

NYSE ONTF traded down $0.27 on Wednesday, hitting $5.77. The company’s stock had a trading volume of 74,825 shares, compared to its average volume of 94,385. The firm has a market cap of $240.33 million, a PE ratio of -5.55 and a beta of 0.52. The company’s 50-day moving average is $6.60 and its 200 day moving average is $6.42. ON24 has a 1-year low of $5.37 and a 1-year high of $7.48.

Insiders Place Their Bets

In related news, insider Jayesh Sahasi sold 5,047 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $7.00, for a total transaction of $35,329.00. Following the completion of the transaction, the insider now directly owns 692,045 shares in the company, valued at approximately $4,844,315. The trade was a 0.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Steven Vattuone sold 4,269 shares of ON24 stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $6.63, for a total transaction of $28,303.47. Following the completion of the sale, the chief financial officer now owns 579,322 shares in the company, valued at approximately $3,840,904.86. This represents a 0.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 168,637 shares of company stock valued at $1,110,727 in the last ninety days. Company insiders own 32.30% of the company’s stock.

Hedge Funds Weigh In On ON24

A number of large investors have recently bought and sold shares of the business. Barclays PLC increased its holdings in ON24 by 48.7% in the 3rd 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 stake in ON24 by 91.2% during the 3rd quarter. Jane Street Group LLC now owns 61,122 shares of the company’s stock valued at $374,000 after acquiring an additional 29,148 shares in the last quarter. FMR LLC grew its holdings in ON24 by 45.0% in the 3rd quarter. FMR LLC now owns 27,483 shares of the company’s stock valued at $168,000 after buying an additional 8,528 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of ON24 by 38.1% during the 4th quarter. SG Americas Securities LLC now owns 14,092 shares of the company’s stock worth $91,000 after buying an additional 3,891 shares during the last quarter. Finally, P.A.W. Capital Corp purchased a new position in shares of ON24 during the 4th quarter worth approximately $484,000. Institutional investors own 83.93% of the company’s stock.

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.