ON24 CFO Steven Vattuone Sells $638,400 in Company Shares

Steven Vattuone, Chief Financial Officer of ON24, Inc. (NYSE: ONTF), sold 80,000 shares of the company’s stock on December 30, 2023, in a transaction valued at $638,400. The shares were sold at an average price of $7.98 each. Following this sale, Vattuone retains 452,654 shares of ON24, which are currently valued at approximately $3,612,178.92. This transaction reflects a 15.02% decrease in his ownership of the company’s stock.

The details of this transaction were disclosed in a filing with the Securities and Exchange Commission. Vattuone has been active in the market, having sold additional shares in December. On December 9, he sold 7,010 shares for $42,340.40, and on December 3, he offloaded 9,453 shares valued at $55,110.99. Earlier in the month, he sold 12,754 shares at $5.66 for a total of $72,187.64, and 13,510 shares for $77,007.00 at $5.70 each. His activity also included the sale of 3,821 shares on November 24 for $20,174.88 and 4,392 shares on November 20 for $23,277.60.

Stock Performance and Analyst Ratings

In trading on December 29, 2023, shares of ON24 increased by 0.1%, closing at $7.97. A total of 645,247 shares changed hands, surpassing the average trading volume of 309,137 shares. The company’s stock has fluctuated within a range of $4.35 to $8.10 over the past year. Currently, ON24 has a market capitalization of $336.76 million, a price-to-earnings ratio of -10.76, and a beta of 0.60.

Recent analyst reports have influenced ON24’s market outlook. On November 15, Wall Street Zen upgraded the stock from a “hold” to a “buy” rating. Following suit, Canaccord Genuity Group raised their price target from $6.00 to $8.10, maintaining a “hold” rating. Similarly, Robert W. Baird also increased their target price to $8.10, while Weiss Ratings reaffirmed a “sell (d-)” rating on October 8. Currently, five analysts have rated ON24 with a “hold” and one with a “sell,” resulting in an average rating of “Reduce” and a target price of $7.40 according to MarketBeat.com.

Institutional Holdings and Recent Changes

Institutional investors have made notable adjustments to their positions in ON24. Mercer Global Advisors Inc. ADV acquired a new position worth $60,000 during the third quarter, while Dynamic Technology Lab Private Ltd invested approximately $61,000 in the same period. Furthermore, the Public Employees Retirement System of Ohio increased its stake by 228.5%, owning 12,242 shares valued at $66,000 after acquiring an additional 8,515 shares.

Other significant transactions include Brevan Howard Capital Management LP, which purchased a stake valued at around $78,000, and Russell Investments Group Ltd., which raised its stake by 43.5%, now holding 15,918 shares worth $91,000 after acquiring 4,823 shares recently. Institutional investors collectively own 83.93% of ON24’s stock, reflecting a strong backing from hedge funds and other large shareholders.

ON24, Inc. operates as a cloud-based digital experience platform, helping organizations create, manage, and optimize virtual events, webinars, and multimedia content. Its technology aims to foster interactive and data-driven engagement between businesses and their audiences, supporting various initiatives, including demand generation and corporate communications. The company’s primary offering includes live and on-demand webcasting, attendee interaction tools, and real-time analytics, solidifying its position in the digital engagement space.