ON24, Inc. (NYSE:ONTF) Major Shareholder Lake Lp Lynrock Purchases 27,884 Shares

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock purchased 27,884 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were acquired at an average cost of $5.44 per share, with a total value of $151,688.96. Following the completion of the purchase, the insider now directly owns 7,896,378 shares in the company, valued at approximately $42,956,296.32. This represents a 0.35% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 Monday, June 2nd, Lake Lp Lynrock purchased 40,283 shares of ON24 stock. The shares were acquired at an average cost of $5.65 per share, with a total value of $227,598.95.
• On Friday, May 30th, Lake Lp Lynrock bought 32,519 shares of ON24 stock. The stock was purchased at an average cost of $5.67 per share, with a total value of $184,382.73.
• On Thursday, May 29th, Lake Lp Lynrock bought 16,831 shares of ON24 stock. The stock was purchased at an average cost of $5.63 per share, with a total value of $94,758.53.
• On Tuesday, May 27th, Lake Lp Lynrock bought 32,519 shares of ON24 stock. The stock was purchased at an average cost of $5.56 per share, with a total value of $180,805.64.
• On Wednesday, May 21st, Lake Lp Lynrock bought 27,884 shares of ON24 stock. The stock was purchased at an average cost of $5.43 per share, with a total value of $151,410.12.
• On Tuesday, May 20th, Lake Lp Lynrock bought 14,093 shares of ON24 stock. The stock was purchased at an average cost of $5.44 per share, with a total value of $76,665.92.
• On Monday, May 19th, Lake Lp Lynrock bought 27,884 shares of ON24 stock. The stock was purchased at an average cost 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 stock was purchased at an average cost of $5.52 per share, with a total value 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 cost of $5.46 per share, with a total value 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.

ON24 Stock Down 2.3%

Shares of ON24 stock traded down $0.13 on Monday, hitting $5.56. The stock had a trading volume of 202,337 shares, compared to its average volume of 137,229. ON24, Inc. has a twelve month low of $4.35 and a twelve month high of $7.04. The business's 50 day moving average is $5.00 and its two-hundred day moving average is $5.90. The stock has a market cap of $236.16 million, a price-to-earnings ratio of -5.35 and a beta of 0.56.

ON24 declared that its board has approved a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On ON24

Several institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC grew its position in 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 buying an additional 3,891 shares in the last quarter. Squarepoint Ops LLC grew its position in 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 buying an additional 5,713 shares in the last quarter. Wells Fargo & Company MN grew its position in 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 buying an additional 3,518 shares in the last quarter. AQR Capital Management LLC grew 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 worth $113,000 after buying an additional 2,989 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in ON24 during the fourth quarter worth approximately $153,000. Institutional investors and hedge funds 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.