Needham & Company LLC Reaffirms Hold Rating for ON24 (NYSE:ONTF)

Needham & Company LLC restated their hold rating on shares of ON24 (NYSE:ONTF - Free Report) in a research note published on Wednesday,Benzinga reports.

ON24 Stock Performance

Shares of ONTF stock traded up $0.14 on Wednesday, reaching $6.46. 91,464 shares of the company were exchanged, compared to its average volume of 103,407. ON24 has a 1 year low of $5.37 and a 1 year high of $8.35. The business has a 50-day moving average price of $6.57 and a 200 day moving average price of $6.32. The company has a market cap of $269.07 million, a price-to-earnings ratio of -6.21 and a beta of 0.50.

Insider Transactions at ON24

In other news, Director Dominique Trempont sold 4,250 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $6.98, for a total value of $29,665.00. Following the completion of the sale, the director now directly owns 263,100 shares in the company, valued at $1,836,438. This represents a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Steven Vattuone sold 4,383 shares of the business's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $6.29, for a total transaction of $27,569.07. Following the transaction, the chief financial officer now owns 583,591 shares in the company, valued at $3,670,787.39. The trade was a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 148,365 shares of company stock valued at $972,996 over the last ninety days. Insiders own 32.30% of the company's stock.

Hedge Funds Weigh In On ON24

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ONTF. SG Americas Securities LLC purchased a new position in shares of ON24 during the 3rd quarter worth $62,000. Marshall Wace LLP purchased a new position in ON24 during the second quarter worth about $72,000. The Manufacturers Life Insurance Company boosted its holdings in ON24 by 19.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,477 shares of the company's stock valued at $81,000 after purchasing an additional 2,158 shares during the last quarter. Gladius Capital Management LP grew its stake in shares of ON24 by 151.2% in the 3rd quarter. Gladius Capital Management LP now owns 22,854 shares of the company's stock valued at $140,000 after buying an additional 13,755 shares during the period. Finally, FMR LLC increased its holdings in shares of ON24 by 45.0% during the 3rd quarter. FMR LLC now owns 27,483 shares of the company's stock worth $168,000 after buying an additional 8,528 shares during the last quarter. Institutional investors and hedge funds own 83.93% of the company's stock.

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.