ON24, Inc. (NYSE:ONTF) Major Shareholder Lake Lp Lynrock Buys 12,971 Shares

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock purchased 12,971 shares of ON24 stock in a transaction that occurred on Thursday, May 15th. The shares were acquired at an average price of $5.46 per share, for a total transaction of $70,821.66. Following the acquisition, the insider now owns 7,746,173 shares in the company, valued at $42,294,104.58. This trade represents a 0.17% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, May 19th, Lake Lp Lynrock acquired 27,884 shares of ON24 stock. The stock was acquired at an average price of $5.48 per share, with a total value of $152,804.32.
• On Friday, May 16th, Lake Lp Lynrock bought 24,576 shares of ON24 stock. The shares were acquired at an average cost of $5.52 per share, for a total transaction of $135,659.52.
• On Wednesday, May 14th, Lake Lp Lynrock purchased 24,576 shares of ON24 stock. The stock was acquired 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 stock was bought at an average price 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 bought at an average price of $5.79 per share, with a total value of $220,147.38.
• On Wednesday, March 12th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The shares were bought at an average cost of $5.75 per share, for a total transaction of $218,626.50.
• On Monday, March 10th, Lake Lp Lynrock purchased 38,022 shares of ON24 stock. The shares were bought at an average price of $5.56 per share, for a total transaction of $211,402.32.
• On Friday, March 7th, Lake Lp Lynrock acquired 27,921 shares of ON24 stock. The stock was bought at an average price of $5.81 per share, with a total value of $162,221.01.
• On Wednesday, March 5th, Lake Lp Lynrock acquired 27,921 shares of ON24 stock. The shares were purchased 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 stock was purchased at an average cost of $5.57 per share, with a total value of $155,519.97.

ON24 Trading Down 0.9%

ON24 stock traded down $0.05 during mid-day trading on Monday, hitting $5.40. The company had a trading volume of 169,439 shares, compared to its average volume of 138,333. ON24, Inc. has a 12 month low of $4.35 and a 12 month high of $7.04. The company has a market capitalization of $229.37 million, a PE ratio of -5.19 and a beta of 0.56. The stock’s 50 day moving average price is $5.02 and its two-hundred day moving average price is $5.97.

ON24 declared that its Board of Directors has initiated a share buyback program on Monday, May 12th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 22.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On ON24

A number of hedge funds have recently bought and sold shares of ONTF. Charles Schwab Investment Management Inc. increased its stake in ON24 by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company’s stock valued at $1,842,000 after purchasing an additional 2,189 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 valued at $113,000 after buying an additional 2,989 shares during the last quarter. Wells Fargo & Company MN increased its position 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 valued at $112,000 after acquiring an additional 3,518 shares in the last quarter. SG Americas Securities LLC increased its position 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 valued at $91,000 after acquiring an additional 3,891 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in ON24 by 56.6% in the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock worth $102,000 after acquiring an additional 5,713 shares during 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.