Lake Lp Lynrock Purchases 24,576 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock purchased 24,576 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were purchased at an average cost of $5.16 per share, with a total value of $126,812.16. Following the completion of the acquisition, the insider now owns 7,684,050 shares in the company, valued at $39,649,698. The trade was a 0.32% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Large shareholders that own 10% or more 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 Monday, May 19th, Lake Lp Lynrock acquired 27,884 shares of ON24 stock. The shares were purchased at an average price of $5.48 per share, for a total transaction of $152,804.32.
• On Friday, May 16th, Lake Lp Lynrock purchased 24,576 shares of ON24 stock. The stock was acquired at an average price of $5.52 per share, for a total transaction of $135,659.52.
• On Thursday, May 15th, Lake Lp Lynrock acquired 12,971 shares of ON24 stock. The stock was acquired 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 shares were acquired at an average price of $5.37 per share, for a total transaction of $131,973.12.
• On Friday, March 14th, Lake Lp Lynrock acquired 38,022 shares of ON24 stock. The shares were bought at an average price of $5.79 per share, for a total transaction of $220,147.38.
• On Wednesday, March 12th, Lake Lp Lynrock purchased 38,022 shares of ON24 stock. The shares were purchased at an average cost of $5.75 per share, with a total value of $218,626.50.
• On Monday, March 10th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The stock was acquired at an average price of $5.56 per share, for a total transaction of $211,402.32.
• On Friday, March 7th, Lake Lp Lynrock purchased 27,921 shares of ON24 stock. The stock was purchased at an average price of $5.81 per share, with a total value of $162,221.01.
• On Wednesday, March 5th, Lake Lp Lynrock purchased 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 shares were acquired at an average cost of $5.57 per share, for a total transaction of $155,519.97.

ON24 Stock Performance

NYSE ONTF traded down $0.02 on Tuesday, hitting $5.38. 13,590 shares of the stock traded hands, compared to its average volume of 130,370. The business's fifty day moving average is $5.02 and its two-hundred day moving average is $5.97. ON24, Inc. has a 12 month low of $4.35 and a 12 month high of $7.03. The firm has a market capitalization of $228.52 million, a price-to-earnings ratio of -5.17 and a beta of 0.56.

ON24 declared that its board has approved a stock buyback program on Monday, May 12th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to purchase up to 22.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ONTF. Lynrock Lake LP boosted its holdings in shares of ON24 by 4.5% in the first 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. Federated Hermes Inc. lifted its holdings in ON24 by 1.6% during the 4th quarter. Federated Hermes Inc. now owns 1,167,713 shares of the company's stock worth $7,543,000 after purchasing an additional 18,372 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in ON24 by 43.5% in the 4th quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company's stock worth $5,307,000 after purchasing an additional 249,045 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in ON24 by 15.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 490,086 shares of the company's stock valued at $3,166,000 after buying an additional 66,022 shares in the last quarter. Finally, Horrell Capital Management Inc. increased its position in shares of ON24 by 15.9% during the fourth quarter. Horrell Capital Management Inc. now owns 394,196 shares of the company's stock valued at $2,547,000 after buying an additional 54,000 shares during the period. 83.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of ON24 from $7.00 to $6.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 26th. Canaccord Genuity Group cut their price target 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 restated a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. Robert W. Baird lowered their target price on shares of ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of ON24 in a report on Wednesday, February 26th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average 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.