Arrowstreet Capital Limited Partnership Grows Stake in ON24, Inc. (NYSE:ONTF)

Arrowstreet Capital Limited Partnership lifted its stake in shares of ON24, Inc. (NYSE:ONTF - Free Report) by 15.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 490,086 shares of the company's stock after acquiring an additional 66,022 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.18% of ON24 worth $3,166,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ONTF. JPMorgan Chase & Co. boosted its stake in shares of ON24 by 43.5% in the fourth quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company's stock worth $5,307,000 after acquiring an additional 249,045 shares during the period. P.A.W. Capital Corp bought a new position in ON24 in the 4th quarter worth approximately $484,000. Norges Bank bought a new position in ON24 in the 4th quarter worth approximately $428,000. Horrell Capital Management Inc. grew its holdings in ON24 by 15.9% during the 4th quarter. Horrell Capital Management Inc. now owns 394,196 shares of the company's stock valued at $2,547,000 after buying an additional 54,000 shares in the last quarter. Finally, Barclays PLC raised its position in shares of 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 buying an additional 33,352 shares during the last quarter. 83.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ONTF shares. JPMorgan Chase & Co. cut their target price on shares of ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. William Blair reiterated a "market perform" rating on shares of ON24 in a research report on Wednesday, February 26th. Finally, Needham & Company LLC restated a "hold" rating on shares of ON24 in a report on Wednesday, February 26th.

Remove Ads

ON24 Stock Down 0.3 %

ON24 stock traded down $0.02 during mid-day trading on Tuesday, reaching $4.66. 5,233 shares of the company's stock traded hands, compared to its average volume of 135,060. ON24, Inc. has a 12-month low of $4.48 and a 12-month high of $7.03. The stock has a 50 day moving average of $5.71 and a two-hundred day moving average of $6.20. The company has a market cap of $197.02 million, a price-to-earnings ratio of -4.48 and a beta of 0.55.

Insider Activity

In related news, Director Dominique Trempont sold 4,250 shares of the company's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $6.40, for a total transaction of $27,200.00. Following the transaction, the director now directly owns 258,850 shares in the company, valued at approximately $1,656,640. This represents a 1.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Anil Arora acquired 8,661 shares of ON24 stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average cost of $5.65 per share, for a total transaction of $48,934.65. Following the completion of the transaction, the director now directly owns 126,048 shares in the company, valued at $712,171.20. This trade represents a 7.38 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 206,529 shares of company stock worth $1,174,541 and have sold 162,624 shares worth $926,671. Corporate insiders own 32.30% 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.