ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock acquired 40,283 shares of the company's stock in a transaction dated Thursday, June 5th. The stock was acquired at an average cost of $5.52 per share, with a total value of $222,362.16. Following the purchase, the insider now owns 8,124,757 shares of the company's stock, valued at approximately $44,848,658.64. This trade represents a 0.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 Tuesday, June 3rd, Lake Lp Lynrock acquired 33,425 shares of ON24 stock. The stock was acquired 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 purchased at an average price of $5.65 per share, for a total transaction of $227,598.95.
- On Friday, May 30th, Lake Lp Lynrock bought 32,519 shares of ON24 stock. The stock was purchased at an average price of $5.67 per share, for a total transaction of $184,382.73.
- On Thursday, May 29th, Lake Lp Lynrock acquired 16,831 shares of ON24 stock. The shares were bought at an average price 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 stock was purchased 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 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 purchased 14,093 shares of ON24 stock. The stock was bought at an average cost of $5.44 per share, for a total transaction of $76,665.92.
- On Monday, May 19th, Lake Lp Lynrock acquired 27,884 shares of ON24 stock. The stock was purchased at an average cost of $5.48 per share, with a total value of $152,804.32.
- On Friday, May 16th, Lake Lp Lynrock bought 24,576 shares of ON24 stock. The shares were purchased at an average cost of $5.52 per share, for a total transaction of $135,659.52.
ON24 Price Performance
Shares of NYSE:ONTF traded up $0.06 during trading on Thursday, hitting $5.55. 213,593 shares of the company were exchanged, compared to its average volume of 136,934. The stock has a market capitalization of $235.91 million, a P/E ratio of -5.34 and a beta of 0.66. ON24, Inc. has a 12-month low of $4.35 and a 12-month high of $7.04. The firm's 50 day moving average price is $5.01 and its 200-day moving average price is $5.89.
ON24 declared that its Board of Directors has approved a share buyback program on Monday, May 12th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 22.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on the stock. Canaccord Genuity Group dropped their price target on shares of ON24 from $9.00 to $5.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. dropped their price objective on shares of ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, February 26th. William Blair restated a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. Needham & Company LLC reiterated a "hold" rating on shares of ON24 in a report on Wednesday, February 26th. Finally, Robert W. Baird lowered their price target 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. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $5.33.
Read Our Latest Stock Report on ONTF
Hedge Funds Weigh In On ON24
A number of large investors have recently bought and sold shares of ONTF. SG Americas Securities LLC increased its holdings in shares of ON24 by 38.1% in the 4th quarter. SG Americas Securities LLC now owns 14,092 shares of the company's stock valued at $91,000 after purchasing an additional 3,891 shares in the last quarter. Squarepoint Ops LLC increased its holdings in shares of ON24 by 56.6% in the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock valued at $102,000 after purchasing an additional 5,713 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of ON24 by 25.6% in the 4th quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock valued at $112,000 after purchasing an additional 3,518 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of ON24 by 15.9% in the 1st quarter. AQR Capital Management LLC now owns 21,741 shares of the company's stock valued at $113,000 after purchasing an additional 2,989 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in ON24 in the 4th quarter valued at about $175,000. Hedge funds and other institutional investors own 83.93% of the company's stock.
About ON24
(
Get Free Report)
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.
Further Reading
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