ON24, Inc. (NYSE:ONTF) Major Shareholder Buys $227,598.95 in Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock acquired 40,283 shares of ON24 stock in a transaction dated Monday, June 2nd. The stock was purchased at an average cost of $5.65 per share, for a total transaction of $227,598.95. Following the completion of the purchase, the insider now owns 8,051,049 shares in the company, valued at approximately $45,488,426.85. The trade was a 0.50% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more 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 Thursday, June 5th, Lake Lp Lynrock bought 40,283 shares of ON24 stock. The stock was purchased at an average price of $5.52 per share, with a total value of $222,362.16.
• On Tuesday, June 3rd, Lake Lp Lynrock bought 33,425 shares of ON24 stock. The shares were acquired at an average price of $5.62 per share, with a total value of $187,848.50.
• On Friday, May 30th, Lake Lp Lynrock bought 32,519 shares of ON24 stock. The stock was bought at an average cost of $5.67 per share, for a total transaction of $184,382.73.
• On Thursday, May 29th, Lake Lp Lynrock bought 16,831 shares of ON24 stock. The stock was purchased at an average price of $5.63 per share, for a total transaction of $94,758.53.
• On Tuesday, May 27th, Lake Lp Lynrock bought 32,519 shares of ON24 stock. The shares were acquired at an average price 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 cost of $5.44 per share, with a total value of $151,688.96.
• On Wednesday, May 21st, Lake Lp Lynrock purchased 27,884 shares of ON24 stock. The stock was 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 stock was acquired at an average cost of $5.44 per share, with a total value of $76,665.92.
• On Monday, May 19th, Lake Lp Lynrock purchased 27,884 shares of ON24 stock. The shares were purchased at an average price of $5.48 per share, with a total value of $152,804.32.
• On Friday, May 16th, Lake Lp Lynrock purchased 24,576 shares of ON24 stock. The shares were purchased at an average price of $5.52 per share, with a total value of $135,659.52.

ON24 Stock Performance

ONTF stock traded up $0.05 during midday trading on Friday, reaching $5.58. The company's stock had a trading volume of 25,980 shares, compared to its average volume of 136,544. The stock has a fifty day simple moving average of $5.01 and a two-hundred day simple moving average of $5.89. ON24, Inc. has a 1 year low of $4.35 and a 1 year high of $7.04. The firm has a market capitalization of $237.01 million, a price-to-earnings ratio of -5.35 and a beta of 0.66.

ON24 announced that its board has authorized 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 stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Institutional Trading of ON24

A number of hedge funds and other institutional investors have recently bought and sold shares of ONTF. SG Americas Securities LLC increased its stake in ON24 by 38.1% in the fourth quarter. SG Americas Securities LLC now owns 14,092 shares of the company's stock worth $91,000 after purchasing an additional 3,891 shares during the period. Squarepoint Ops LLC grew its position in shares of ON24 by 56.6% during the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock worth $102,000 after buying an additional 5,713 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of ON24 by 25.6% during the 4th quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock worth $112,000 after buying an additional 3,518 shares in the last quarter. AQR Capital Management LLC grew its position in shares of ON24 by 15.9% during the 1st quarter. AQR Capital Management LLC now owns 21,741 shares of the company's stock worth $113,000 after buying an additional 2,989 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of ON24 during the 4th quarter worth $175,000. Hedge funds and other institutional investors own 83.93% of the company's stock.

Wall Street Analysts Forecast Growth

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