Lake Lp Lynrock Buys 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 stock in a transaction on Monday, May 12th. The shares were acquired at an average price of $5.16 per share, for a total transaction of $126,812.16. Following the transaction, the insider now directly owns 7,684,050 shares of the company's stock, valued at $39,649,698. This represents a 0.32% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Lake Lp Lynrock also recently made the following trade(s):

• On Wednesday, May 14th, Lake Lp Lynrock purchased 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 bought 38,022 shares of ON24 stock. The stock was purchased at an average price of $5.79 per share, for a total transaction of $220,147.38.
• On Wednesday, March 12th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The stock was purchased at an average price of $5.75 per share, for a total transaction of $218,626.50.
• On Monday, March 10th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The stock was purchased at an average price of $5.56 per share, for a total transaction of $211,402.32.
• On Friday, March 7th, Lake Lp Lynrock bought 27,921 shares of ON24 stock. The stock was purchased at an average price of $5.81 per share, for a total transaction of $162,221.01.
• On Wednesday, March 5th, Lake Lp Lynrock bought 27,921 shares of ON24 stock. The stock was purchased at an average price 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 stock was purchased at an average price of $5.57 per share, for a total transaction of $155,519.97.

ON24 Stock Down 0.6%

ONTF stock opened at $5.38 on Thursday. The business has a fifty day moving average of $5.03 and a two-hundred day moving average of $5.99. The stock has a market cap of $228.51 million, a price-to-earnings ratio of -5.17 and a beta of 0.56. ON24, Inc. has a 52-week low of $4.35 and a 52-week high of $7.04.

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

Institutional Investors Weigh In On ON24

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC increased its stake 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 acquiring an additional 3,891 shares during the last quarter. Squarepoint Ops LLC increased its stake 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 acquiring an additional 5,713 shares during the last quarter. Wells Fargo & Company MN increased its stake 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 acquiring an additional 3,518 shares during the last quarter. R Squared Ltd acquired a new stake in ON24 during the fourth quarter worth $153,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in ON24 during the fourth quarter worth $175,000. Institutional investors and hedge funds own 83.93% of the company's stock.

Analysts Set New Price Targets

ONTF has been the topic of several research reports. Robert W. Baird decreased their target price on ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of ON24 in a 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 for the company in a report on Thursday, May 8th. William Blair reaffirmed a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. cut their price target on ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, ON24 currently has a consensus rating of "Hold" and an average target price 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.

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