ON24 (NYSE:ONTF) Price Target Cut to $6.00 by Analysts at JPMorgan Chase & Co.

ON24 (NYSE:ONTF) had its price objective lowered by JPMorgan Chase & Co. from $7.00 to $6.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

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

ON24 Stock Performance

Shares of ONTF opened at $5.59 on Wednesday. The company has a market capitalization of $232.83 million, a price-to-earnings ratio of -5.38 and a beta of 0.52. The company’s 50 day simple moving average is $6.55 and its 200 day simple moving average is $6.41. ON24 has a 1 year low of $5.37 and a 1 year high of $7.38.

Insider Activity at ON24

In other ON24 news, CFO Steven Vattuone sold 7,538 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $6.69, for a total transaction of $50,429.22. Following the transaction, the chief financial officer now owns 568,435 shares of the company’s stock, valued at $3,802,830.15. This trade represents a 1.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dominique Trempont sold 4,250 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $6.98, for a total transaction of $29,665.00. Following the transaction, the director now directly owns 263,100 shares in the company, valued at approximately $1,836,438. This represents a 1.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,637 shares of company stock valued at $1,110,727. Company insiders own 32.30% of the company’s stock.

Hedge Funds Weigh In On ON24

Large investors have recently bought and sold shares of the stock. SG Americas Securities LLC raised its stake in ON24 by 38.1% during the fourth quarter. SG Americas Securities LLC now owns 14,092 shares of the company’s stock worth $91,000 after purchasing an additional 3,891 shares during the period. Squarepoint Ops LLC raised its stake in shares of ON24 by 56.6% in the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock valued at $102,000 after acquiring an additional 5,713 shares during the period. Wells Fargo & Company MN raised its stake in shares of ON24 by 25.6% in the 4th quarter. Wells Fargo & Company MN now owns 17,270 shares of the company’s stock valued at $112,000 after acquiring an additional 3,518 shares during the period. Gladius Capital Management LP raised 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 acquiring an additional 13,755 shares during the period. Finally, R Squared Ltd purchased a new position in shares of ON24 in the 4th quarter valued at $153,000. Hedge funds and other institutional investors 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.