ON24, Inc. (NYSE:ONTF) Major Shareholder Buys $151,410.12 in Stock

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock purchased 27,884 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was bought at an average cost of $5.43 per share, for a total transaction of $151,410.12. Following the completion of the acquisition, the insider now directly owns 7,840,610 shares in the company, valued at $42,574,512.30. The trade was a 0.36% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, May 20th, Lake Lp Lynrock purchased 14,093 shares of ON24 stock. The stock was bought at an average cost of $5.44 per share, for a total transaction of $76,665.92.
• On Monday, May 19th, Lake Lp Lynrock purchased 27,884 shares of ON24 stock. The stock was bought at an average cost of $5.48 per share, for a total transaction of $152,804.32.
• On Friday, May 16th, Lake Lp Lynrock bought 24,576 shares of ON24 stock. The stock was purchased at an average price of $5.52 per share, for a total transaction of $135,659.52.
• On Thursday, May 15th, Lake Lp Lynrock bought 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 price of $5.37 per share, for a total transaction of $131,973.12.
• On Monday, May 12th, Lake Lp Lynrock bought 24,576 shares of ON24 stock. The stock was purchased at an average price of $5.16 per share, for a total transaction of $126,812.16.
• On Friday, March 14th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The stock was purchased at an average price of $5.79 per share, for a total transaction of $220,147.38.
• On Wednesday, March 12th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The stock was purchased at an average price 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 purchased at an average price of $5.56 per share, for a total transaction of $211,402.32.
• On Friday, March 7th, Lake Lp Lynrock bought 27,921 shares of ON24 stock. The stock was purchased at an average price of $5.81 per share, for a total transaction of $162,221.01.

ON24 Stock Down 1.6%

ONTF stock opened at $5.38 on Friday. The firm has a market capitalization of $228.30 million, a PE ratio of -5.17 and a beta of 0.56. ON24, Inc. has a twelve month low of $4.35 and a twelve month high of $7.04. The stock has a 50-day simple moving average of $5.00 and a two-hundred day simple moving average of $5.95.

ON24 declared that its board has authorized a share buyback plan on Monday, May 12th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy up to 22.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its holdings in shares of 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 in the last quarter. Squarepoint Ops LLC grew its holdings in shares of ON24 by 56.6% during the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock worth $102,000 after purchasing an additional 5,713 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of ON24 by 25.6% during the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company’s stock worth $112,000 after purchasing an additional 3,518 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of ON24 by 15.9% during the first quarter. AQR Capital Management LLC now owns 21,741 shares of the company’s stock worth $113,000 after purchasing an additional 2,989 shares in the last quarter. Finally, R Squared Ltd purchased a new position in shares of ON24 during the fourth quarter worth about $153,000. Hedge funds and other institutional investors own 83.93% of the company’s stock.

Analyst Upgrades and Downgrades

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