Insider Buying: ON24, Inc. (NYSE:ONTF) Major Shareholder Purchases 47,692 Shares of Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock acquired 47,692 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was purchased at an average price of $5.57 per share, for a total transaction of $265,644.44. Following the acquisition, the insider now directly owns 8,212,732 shares of the company's stock, valued at $45,744,917.24. The trade was a 0.58% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Large 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 Thursday, June 5th, Lake Lp Lynrock acquired 40,283 shares of ON24 stock. The shares were bought at an average cost of $5.52 per share, for a total transaction of $222,362.16.
• On Tuesday, June 3rd, Lake Lp Lynrock bought 33,425 shares of ON24 stock. The stock was purchased at an average price of $5.62 per share, for a total transaction of $187,848.50.
• On Monday, June 2nd, Lake Lp Lynrock acquired 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 acquired at an average cost of $5.67 per share, for a total transaction of $184,382.73.
• On Thursday, May 29th, Lake Lp Lynrock purchased 16,831 shares of ON24 stock. The shares were acquired at an average price 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 shares were bought at an average cost of $5.56 per share, for a total transaction of $180,805.64.
• On Friday, May 23rd, Lake Lp Lynrock purchased 27,884 shares of ON24 stock. The stock was bought at an average price of $5.44 per share, for a total transaction of $151,688.96.
• On Wednesday, May 21st, Lake Lp Lynrock acquired 27,884 shares of ON24 stock. The shares were bought 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 shares were purchased 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 purchased at an average cost of $5.48 per share, with a total value of $152,804.32.

ON24 Stock Down 4.3%

NYSE:ONTF traded down $0.24 during trading hours on Friday, hitting $5.29. 171,529 shares of the stock were exchanged, compared to its average volume of 138,328. The company has a market capitalization of $224.48 million, a P/E ratio of -5.08 and a beta of 0.66. The company's 50 day moving average is $5.06 and its two-hundred day moving average is $5.86. ON24, Inc. has a twelve month low of $4.35 and a twelve month high of $7.04.

ON24 declared that its Board of Directors has initiated a stock repurchase plan on Monday, May 12th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 22.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On ON24

Several hedge funds have recently added to or reduced their stakes in the company. Lynrock Lake LP lifted its position in ON24 by 4.5% during the 1st quarter. Lynrock Lake LP now owns 7,659,474 shares of the company's stock valued at $39,829,000 after purchasing an additional 329,715 shares during the period. JPMorgan Chase & Co. grew its holdings in ON24 by 43.5% during the 4th quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company's stock worth $5,307,000 after acquiring an additional 249,045 shares during the period. Acadian Asset Management LLC grew its stake in shares of ON24 by 18.0% during the first quarter. Acadian Asset Management LLC now owns 830,851 shares of the company's stock worth $4,319,000 after purchasing an additional 127,010 shares during the period. Bridgeway Capital Management LLC grew its stake 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 purchasing an additional 122,700 shares during the period. Finally, BNP Paribas Financial Markets bought a new stake in ON24 in the fourth quarter valued at about $777,000. Institutional investors own 83.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ONTF. William Blair restated a "market perform" rating on shares of ON24 in a research note on Wednesday, February 26th. Robert W. Baird dropped their price objective on ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. 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 report on Thursday, May 8th. JPMorgan Chase & Co. dropped their target price on shares of ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. Finally, Needham & Company LLC restated a "hold" rating on shares of ON24 in a research report on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, ON24 has a consensus 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.