ON24, Inc. $ONTF Holdings Raised by Lynrock Lake LP

Key Points

• Lynrock Lake LP increased its stake in ON24, Inc. by 4.5% in Q1, now owning approximately 18.03% of the company, valued at about $39.8 million.
• Multiple institutional investors, including Cubist Systematic Strategies and Hsbc Holdings PLC, significantly increased their positions in ON24 during the same period, reflecting growing interest in the stock.
• ON24's board approved a $50 million stock repurchase plan, indicating management's belief that the company's shares are currently undervalued.

Lynrock Lake LP raised its position in ON24, Inc. (NYSE:ONTF - Free Report) by 4.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,659,474 shares of the company's stock after purchasing an additional 329,715 shares during the quarter. ON24 accounts for approximately 3.8% of Lynrock Lake LP's holdings, making the stock its 8th biggest holding. Lynrock Lake LP owned approximately 18.03% of ON24 worth $39,829,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ONTF. Circumference Group LLC increased its position in shares of ON24 by 15.9% during the fourth quarter. Circumference Group LLC now owns 394,196 shares of the company's stock worth $2,547,000 after acquiring an additional 54,000 shares during the period. Bridgeway Capital Management LLC increased its position in shares of ON24 by 50.9% during the fourth quarter. Bridgeway Capital Management LLC now owns 363,948 shares of the company's stock worth $2,351,000 after acquiring an additional 122,700 shares during the period. Two Sigma Advisers LP increased its position in shares of ON24 by 11.4% during the fourth quarter. Two Sigma Advisers LP now owns 256,900 shares of the company's stock worth $1,660,000 after acquiring an additional 26,200 shares during the period. Two Sigma Investments LP increased its position in shares of ON24 by 11.9% during the fourth quarter. Two Sigma Investments LP now owns 175,366 shares of the company's stock worth $1,133,000 after acquiring an additional 18,647 shares during the period. Finally, P.A.W. Capital Corp increased its position in shares of ON24 by 113.3% during the first quarter. P.A.W. Capital Corp now owns 160,000 shares of the company's stock worth $832,000 after acquiring an additional 85,000 shares during the period. 83.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CRO James Blackie sold 4,592 shares of the business's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $5.52, for a total transaction of $25,347.84. Following the completion of the transaction, the executive directly owned 512,852 shares in the company, valued at $2,830,943.04. The trade was a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Lake Lp Lynrock purchased 33,407 shares of the stock in a transaction on Thursday, June 12th. The stock was acquired at an average cost of $5.56 per share, for a total transaction of $185,742.92. Following the completion of the acquisition, the insider owned 8,293,974 shares of the company's stock, valued at $46,114,495.44. The trade was a 0.40% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 81,242 shares of company stock valued at $452,174 and sold 185,334 shares valued at $997,076. 33.00% of the stock is owned by corporate insiders.

ON24 Stock Down 1.5%

Shares of ONTF traded down $0.09 during trading hours on Friday, reaching $5.47. 184,103 shares of the company traded hands, compared to its average volume of 146,743. The stock has a market capitalization of $231.22 million, a P/E ratio of -6.35 and a beta of 0.66. ON24, Inc. has a 12-month low of $4.35 and a 12-month high of $7.03. The business has a fifty day moving average price of $5.27 and a 200-day moving average price of $5.27.

ON24 announced that its board has approved a stock repurchase plan on Monday, May 12th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 22.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of ON24 from a "buy" rating to a "hold" rating in a research report on Friday. Five equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $5.33.

ON24 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.