Lake Lp Lynrock Acquires 27,884 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock bought 27,884 shares of the company’s stock in a transaction on Monday, May 19th. The stock was bought at an average price of $5.48 per share, for a total transaction of $152,804.32. Following the completion of the purchase, the insider now owns 7,798,633 shares of the company’s stock, valued at approximately $42,736,508.84. The trade was a 0.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Lake Lp Lynrock also recently made the following trade(s):

• On Friday, May 16th, Lake Lp Lynrock purchased 24,576 shares of ON24 stock. The shares were bought at an average price of $5.52 per share, with a total value of $135,659.52.
• On Thursday, May 15th, Lake Lp Lynrock acquired 12,971 shares of ON24 stock. The stock was purchased at an average price of $5.46 per share, for a total transaction of $70,821.66.
• On Wednesday, May 14th, Lake Lp Lynrock bought 24,576 shares of ON24 stock. The stock was purchased at an average cost of $5.37 per share, with a total value of $131,973.12.
• On Monday, May 12th, Lake Lp Lynrock purchased 24,576 shares of ON24 stock. The shares were purchased at an average cost of $5.16 per share, for a total transaction of $126,812.16.
• On Friday, March 14th, Lake Lp Lynrock acquired 38,022 shares of ON24 stock. The stock was purchased at an average cost of $5.79 per share, with a total value of $220,147.38.
• On Wednesday, March 12th, Lake Lp Lynrock acquired 38,022 shares of ON24 stock. The shares were acquired at an average cost of $5.75 per share, for a total transaction of $218,626.50.
• On Monday, March 10th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The stock was acquired at an average price of $5.56 per share, with a total value of $211,402.32.
• On Friday, March 7th, Lake Lp Lynrock purchased 27,921 shares of ON24 stock. The shares were acquired at an average price of $5.81 per share, for a total transaction of $162,221.01.
• On Wednesday, March 5th, Lake Lp Lynrock bought 27,921 shares of ON24 stock. The shares were acquired at an average cost of $5.64 per share, for a total transaction of $157,474.44.
• On Monday, March 3rd, Lake Lp Lynrock bought 27,921 shares of ON24 stock. The shares were bought at an average price of $5.57 per share, for a total transaction of $155,519.97.

ON24 Price Performance

NYSE ONTF traded down $0.05 during trading on Monday, reaching $5.40. The company’s stock had a trading volume of 169,439 shares, compared to its average volume of 138,333. The firm has a fifty day moving average of $5.02 and a 200 day moving average of $5.97. ON24, Inc. has a one year low of $4.35 and a one year high of $7.04. The stock has a market capitalization of $229.37 million, a PE ratio of -5.19 and a beta of 0.56.

ON24 declared that its board has authorized a stock buyback program on Monday, May 12th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 22.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On ON24

Hedge funds have recently bought and sold shares of the stock. Palogic Value Management L.P. lifted its holdings in shares of ON24 by 23.1% during the 1st quarter. Palogic Value Management L.P. now owns 320,000 shares of the company’s stock worth $1,664,000 after acquiring an additional 60,000 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in ON24 by 3.9% in the first quarter. Goldman Sachs Group Inc. now owns 188,836 shares of the company’s stock valued at $982,000 after acquiring an additional 7,139 shares during the last quarter. AQR Capital Management LLC raised its position in ON24 by 15.9% during the first quarter. AQR Capital Management LLC now owns 21,741 shares of the company’s stock valued at $113,000 after purchasing an additional 2,989 shares in the last quarter. Lynrock Lake LP lifted its stake in ON24 by 4.5% during the first quarter. Lynrock Lake LP now owns 7,659,474 shares of the company’s stock worth $39,829,000 after purchasing an additional 329,715 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in shares of ON24 by 78.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 66,434 shares of the company’s stock worth $345,000 after purchasing an additional 29,290 shares in the last quarter. 83.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ONTF shares. Needham & Company LLC reiterated a “hold” rating on shares of ON24 in a research note on Wednesday, February 26th. William Blair reiterated a “market perform” rating on shares of ON24 in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lowered their price target on shares of ON24 from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Robert W. Baird reduced their price objective on shares of ON24 from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. Finally, Canaccord Genuity Group lowered their target price on shares of ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a research note on Thursday, May 8th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $5.33.

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.