Insider Buying: ON24, Inc. (NYSE:ONTF) Major Shareholder Acquires 32,519 Shares of Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock bought 32,519 shares of ON24 stock in a transaction dated Friday, May 30th. The stock was acquired at an average cost of $5.67 per share, for a total transaction of $184,382.73. Following the completion of the transaction, the insider now directly owns 8,010,766 shares in the company, valued at approximately $45,421,043.22. This trade represents a 0.41% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 bought 40,283 shares of ON24 stock. The shares were purchased at an average price 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 acquired 40,283 shares of ON24 stock. The stock was acquired at an average cost of $5.65 per share, with a total value of $227,598.95.
• On Thursday, May 29th, Lake Lp Lynrock acquired 16,831 shares of ON24 stock. The shares were purchased at an average cost of $5.63 per share, for a total transaction of $94,758.53.
• On Tuesday, May 27th, Lake Lp Lynrock acquired 32,519 shares of ON24 stock. The shares were purchased at an average price of $5.56 per share, with a total value of $180,805.64.
• On Friday, May 23rd, Lake Lp Lynrock bought 27,884 shares of ON24 stock. The shares were purchased 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 price of $5.43 per share, with a total value of $151,410.12.
• On Tuesday, May 20th, Lake Lp Lynrock acquired 14,093 shares of ON24 stock. The stock was 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 bought 27,884 shares of ON24 stock. The shares were bought at an average price of $5.48 per share, for a total transaction of $152,804.32.
• On Friday, May 16th, Lake Lp Lynrock bought 24,576 shares of ON24 stock. The shares were bought at an average price of $5.52 per share, for a total transaction of $135,659.52.

ON24 Trading Up 0.9%

NYSE ONTF traded up $0.05 during trading on Friday, reaching $5.58. 25,980 shares of the company's stock were exchanged, compared to its average volume of 136,544. The company's fifty day simple moving average is $5.01 and its 200-day simple moving average is $5.89. ON24, Inc. has a fifty-two week low of $4.35 and a fifty-two week high of $7.04. The firm has a market capitalization of $237.01 million, a PE ratio of -5.35 and a beta of 0.66.

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on ONTF. Needham & Company LLC reissued a "hold" rating on shares of ON24 in a research note on Wednesday, February 26th. Robert W. Baird reduced their price objective on ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Canaccord Genuity Group cut their target price on ON24 from $9.00 to $5.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. William Blair reiterated a "market perform" rating on shares of ON24 in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. dropped their price target 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. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $5.33.

Hedge Funds Weigh In On ON24

A number of institutional investors and hedge funds have recently bought and sold shares of ONTF. Lynrock Lake LP raised its position in shares of ON24 by 4.5% during 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 last quarter. JPMorgan Chase & Co. raised its position in shares of ON24 by 43.5% during the fourth 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 last quarter. Acadian Asset Management LLC increased its holdings in ON24 by 18.0% in the first quarter. Acadian Asset Management LLC now owns 830,851 shares of the company's stock valued at $4,319,000 after purchasing an additional 127,010 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of ON24 by 50.9% in the fourth quarter. Bridgeway Capital Management LLC now owns 363,948 shares of the company's stock worth $2,351,000 after acquiring an additional 122,700 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in shares of ON24 during the fourth quarter worth about $777,000. Institutional investors and hedge funds own 83.93% of the company's stock.

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.