ON24, Inc. (NYSE:ONTF) Major Shareholder Acquires $265,644.44 in Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock bought 47,692 shares of the business's stock in a transaction dated Monday, June 9th. The shares were acquired at an average cost of $5.57 per share, with a total value of $265,644.44. Following the completion of the purchase, the insider now owns 8,212,732 shares in the company, valued at approximately $45,744,917.24. This represents a 0.58% increase in their position. The transaction was disclosed in a legal 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 sales and purchases 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 acquired 33,425 shares of ON24 stock. The shares were purchased at an average cost of $5.62 per share, with a total value of $187,848.50.
• On Monday, June 2nd, Lake Lp Lynrock bought 40,283 shares of ON24 stock. The stock was bought at an average cost of $5.65 per share, for a total transaction of $227,598.95.
• On Friday, May 30th, Lake Lp Lynrock purchased 32,519 shares of ON24 stock. The shares were purchased at an average price 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 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 purchased 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 acquired 27,884 shares of ON24 stock. The stock was purchased at an average cost of $5.44 per share, for a total transaction of $151,688.96.
• On Wednesday, May 21st, Lake Lp Lynrock purchased 27,884 shares of ON24 stock. The stock was acquired at an average price of $5.43 per share, for a total transaction of $151,410.12.
• On Tuesday, May 20th, Lake Lp Lynrock bought 14,093 shares of ON24 stock. The shares were acquired at an average price of $5.44 per share, for a total transaction of $76,665.92.
• On Monday, May 19th, Lake Lp Lynrock bought 27,884 shares of ON24 stock. The stock was bought at an average cost of $5.48 per share, with a total value of $152,804.32.

ON24 Stock Down 2.9%

NYSE ONTF traded down $0.17 during trading on Wednesday, hitting $5.50. The company's stock had a trading volume of 170,966 shares, compared to its average volume of 140,731. ON24, Inc. has a 52 week low of $4.35 and a 52 week high of $7.03. The firm has a market cap of $233.40 million, a P/E ratio of -5.28 and a beta of 0.66. The firm has a 50 day moving average price of $5.04 and a 200 day moving average price of $5.87.

ON24 announced that its board has approved a share repurchase plan on Monday, May 12th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 22.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

Institutional Trading of ON24

A number of institutional investors and hedge funds have recently modified their holdings of ONTF. Acadian Asset Management LLC raised its holdings 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 acquiring an additional 127,010 shares during the period. Palogic Value Management L.P. raised its stake in shares of ON24 by 23.1% during the 1st quarter. Palogic Value Management L.P. now owns 320,000 shares of the company's stock worth $1,664,000 after purchasing an additional 60,000 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of ON24 by 3.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 188,836 shares of the company's stock valued at $982,000 after acquiring an additional 7,139 shares during the period. AQR Capital Management LLC raised its stake in ON24 by 15.9% in 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 period. Finally, Lynrock Lake LP boosted its stake in shares of ON24 by 4.5% during the 1st quarter. Lynrock Lake LP now owns 7,659,474 shares of the company's stock worth $39,829,000 after acquiring an additional 329,715 shares during the period. 83.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ONTF has been the topic of several analyst reports. Canaccord Genuity Group dropped their price objective on ON24 from $9.00 to $5.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. William Blair reissued a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. Needham & Company LLC restated a "hold" rating on shares of ON24 in a research note on Wednesday, February 26th. JPMorgan Chase & Co. lowered their price objective on ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. Finally, Robert W. Baird reduced their price target on ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $5.33.

About ON24

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.