Steven Vattuone, the Chief Financial Officer of ON24, Inc. (NYSE: ONTF), sold 80,000 shares of the company’s stock on December 30, 2023, for a total value of $638,400. The shares were sold at an average price of $7.98, resulting in a significant reduction of his ownership by 15.02%. Post-sale, Vattuone retains 452,654 shares, valued at approximately $3,612,178.92. This transaction was reported to the Securities & Exchange Commission.
The recent sale is part of a series of trades conducted by Vattuone throughout December. On December 9, he sold 7,010 shares at an average price of $6.04 for $42,340.40. Earlier in the month, he also divested 9,453 shares on December 3 for $55,110.99 and 12,754 shares on December 2 for $72,187.64. Other sales included 13,510 shares on December 1 for $77,007.00 and 3,821 shares on November 24 for $20,174.88.
Stock Performance and Market Analysis
Following Vattuone’s latest stock sale, ON24 shares experienced a slight increase of 0.1%, reaching $7.97 by the end of the trading day. The company traded 645,247 shares, surpassing its average volume of 309,137 shares. Over the past year, ON24 has seen a price range with a low of $4.35 and a high of $8.10. The stock currently holds a market capitalization of $336.76 million, a price-to-earnings ratio of -10.76, and a beta of 0.60.
Several analysts have weighed in on ON24’s stock performance. On November 15, Wall Street Zen upgraded the stock from a “hold” rating to a “buy” rating. Additionally, Canaccord Genuity Group raised its price target from $6.00 to $8.10 and maintained a “hold” rating. Meanwhile, Robert W. Baird increased its target from $6.00 to $8.10 with a “neutral” rating. In contrast, Weiss Ratings reiterated a “sell” rating on October 8. According to data from MarketBeat.com, ON24 has an average rating of “Reduce” and an average target price of $7.40.
Institutional Investor Activity
Institutional investors have also been active with ON24 shares. In the third quarter, Mercer Global Advisors Inc. ADV acquired a new position valued at $60,000. Similarly, Dynamic Technology Lab Private Ltd purchased a stake valued at approximately $61,000. The Public Employees Retirement System of Ohio grew its position by 228.5%, now holding 12,242 shares valued at $66,000 after acquiring an additional 8,515 shares. Brevan Howard Capital Management LP also entered the market with a stake worth about $78,000.
Overall, institutional investors collectively own approximately 83.93% of ON24’s stock, reflecting a strong interest in the company’s potential.
ON24, Inc. is recognized as a cloud-based digital experience platform, specializing in the creation and management of virtual events, webinars, and multimedia content. Its technology fosters interactive engagement between organizations and their audiences, contributing to demand generation and corporate communications. The company’s offerings include a comprehensive webinar solution that provides live and on-demand webcasting along with real-time analytics.
Investors and analysts alike will be monitoring ON24 as it navigates the market landscape and evaluates the impact of recent trades by its leadership.
