JPMorgan Chase & Co. Lowers ON24 (NYSE:ONTF) Price Target to $6.00

ON24 (NYSE:ONTF) had its target price lowered by investment analysts at JPMorgan Chase & Co. from $7.00 to $6.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 8.21% from the company’s current price.

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

ON24 Stock Down 4.2 %

Shares of ON24 stock opened at $5.55 on Wednesday. The stock has a market cap of $230.95 million, a P/E ratio of -5.33 and a beta of 0.52. ON24 has a 12-month low of $5.37 and a 12-month high of $7.38. The business’s 50 day moving average is $6.57 and its 200-day moving average is $6.41.

Insider Buying and Selling

In related news, insider Jayesh Sahasi sold 5,047 shares of ON24 stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $7.00, for a total transaction of $35,329.00. Following the completion of the sale, the insider now owns 692,045 shares of the company’s stock, valued at approximately $4,844,315. The trade was a 0.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dominique Trempont sold 4,250 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $6.94, for a total transaction of $29,495.00. Following the completion of the transaction, the director now owns 254,600 shares in the company, valued at approximately $1,766,924. This trade represents a 1.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 168,637 shares of company stock worth $1,110,727. Company insiders own 32.30% of the company’s stock.

Institutional Investors Weigh In On ON24

A number of institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. increased its stake in shares of ON24 by 1.6% during the fourth quarter. Federated Hermes Inc. now owns 1,167,713 shares of the company’s stock worth $7,543,000 after purchasing an additional 18,372 shares during the period. JPMorgan Chase & Co. grew its holdings in ON24 by 43.5% in the 4th quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company’s stock valued at $5,307,000 after buying an additional 249,045 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in ON24 by 15.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 490,086 shares of the company’s stock worth $3,166,000 after buying an additional 66,022 shares during the period. Horrell Capital Management Inc. lifted its holdings in shares of ON24 by 15.9% during the fourth quarter. Horrell Capital Management Inc. now owns 394,196 shares of the company’s stock worth $2,547,000 after buying an additional 54,000 shares in the last quarter. Finally, Circumference Group LLC grew its stake in shares of ON24 by 15.9% in the fourth quarter. Circumference Group LLC now owns 394,196 shares of the company’s stock valued at $2,547,000 after acquiring an additional 54,000 shares in the last quarter. 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.