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

ON24 (NYSE:ONTF - Get Free Report) had its price target dropped by analysts at JPMorgan Chase & Co. from $7.00 to $6.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 7.33% from the stock's current price.

Separately, Needham & Company LLC reiterated a "hold" rating on shares of ON24 in a research report on Wednesday.

ON24 Stock Up 0.5 %

Shares of ONTF traded up $0.03 during trading on Wednesday, reaching $5.59. 288,825 shares of the company traded hands, compared to its average volume of 105,378. ON24 has a twelve month low of $5.37 and a twelve month high of $7.38. The stock has a market cap of $232.83 million, a PE ratio of -5.38 and a beta of 0.52. The stock has a 50-day simple moving average of $6.55 and a 200-day simple moving average of $6.41.

Insider Activity at ON24

In related news, CFO Steven Vattuone sold 7,538 shares of ON24 stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $6.69, for a total value of $50,429.22. Following the completion of the transaction, the chief financial officer now owns 568,435 shares in the company, valued at $3,802,830.15. The trade was a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sharat Sharan sold 36,189 shares of ON24 stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $6.20, for a total transaction of $224,371.80. Following the completion of the transaction, the insider now owns 3,113,728 shares of the company's stock, valued at $19,305,113.60. This represents a 1.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 168,637 shares of company stock worth $1,110,727. Corporate insiders own 32.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC lifted its stake in ON24 by 56.6% in the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock worth $102,000 after acquiring an additional 5,713 shares during the last quarter. Two Sigma Investments LP lifted its stake in ON24 by 11.9% in the fourth quarter. Two Sigma Investments LP now owns 175,366 shares of the company's stock worth $1,133,000 after acquiring an additional 18,647 shares during the last quarter. Two Sigma Advisers LP lifted its position in shares of ON24 by 11.4% during the 4th quarter. Two Sigma Advisers LP now owns 256,900 shares of the company's stock worth $1,660,000 after buying an additional 26,200 shares during the last quarter. Millennium Management LLC lifted its position in shares of ON24 by 84.8% during the 4th quarter. Millennium Management LLC now owns 142,387 shares of the company's stock worth $920,000 after buying an additional 65,322 shares during the last quarter. Finally, Circumference Group LLC lifted its position in shares of ON24 by 15.9% during the 4th quarter. Circumference Group LLC now owns 394,196 shares of the company's stock worth $2,547,000 after buying an additional 54,000 shares during the last quarter. Hedge funds and other 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.