ON24, Inc. (NYSE:ONTF) Major Shareholder Lake Lp Lynrock Purchases 16,831 Shares

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock acquired 16,831 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was purchased at an average cost of $5.63 per share, for a total transaction of $94,758.53. Following the completion of the acquisition, the insider now owns 7,978,247 shares in the company, valued at approximately $44,917,530.61. This represents a 0.21% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major 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 Thursday, June 5th, Lake Lp Lynrock acquired 40,283 shares of ON24 stock. The stock was purchased at an average cost 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 stock was purchased at an average cost of $5.62 per share, for a total transaction of $187,848.50.
• On Monday, June 2nd, Lake Lp Lynrock bought 40,283 shares of ON24 stock. The shares were bought at an average cost 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 shares were bought at an average cost of $5.67 per share, for a total transaction of $184,382.73.
• On Tuesday, May 27th, Lake Lp Lynrock bought 32,519 shares of ON24 stock. The shares were bought at an average cost of $5.56 per share, for a total transaction of $180,805.64.
• On Friday, May 23rd, Lake Lp Lynrock bought 27,884 shares of ON24 stock. The shares were bought at an average cost of $5.44 per share, for a total transaction of $151,688.96.
• On Wednesday, May 21st, Lake Lp Lynrock bought 27,884 shares of ON24 stock. The shares were bought at an average cost of $5.43 per share, for a total transaction of $151,410.12.
• On Tuesday, May 20th, Lake Lp Lynrock bought 14,093 shares of ON24 stock. The shares were 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 bought 27,884 shares of ON24 stock. The shares were bought at an average cost 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 cost of $5.52 per share, for a total transaction of $135,659.52.

ON24 Stock Up 0.1%

ON24 stock traded up $0.01 during trading hours on Friday, hitting $5.54. The stock had a trading volume of 247,099 shares, compared to its average volume of 137,190. The stock has a market cap of $235.10 million, a price-to-earnings ratio of -5.32 and a beta of 0.66. ON24, Inc. has a one year low of $4.35 and a one year high of $7.04. The business's 50 day simple moving average is $5.01 and its 200-day simple moving average is $5.89.

ON24 declared that its board has approved a stock repurchase plan on Monday, May 12th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 22.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ONTF. Needham & Company LLC restated a "hold" rating on shares of ON24 in a research report on Wednesday, February 26th. William Blair restated a "market perform" rating on shares of ON24 in a research report on Wednesday, February 26th. Canaccord Genuity Group dropped their price objective on ON24 from $9.00 to $5.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Robert W. Baird dropped their price objective on ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Finally, JPMorgan Chase & Co. dropped their price objective on ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. Five research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $5.33.

Hedge Funds Weigh In On ON24

Several large investors have recently bought and sold shares of the company. Lynrock Lake LP raised its position in ON24 by 4.5% in the first quarter. Lynrock Lake LP now owns 7,659,474 shares of the company's stock valued at $39,829,000 after purchasing an additional 329,715 shares during the last quarter. Federated Hermes Inc. raised its position in ON24 by 1.6% in the fourth quarter. Federated Hermes Inc. now owns 1,167,713 shares of the company's stock valued at $7,543,000 after purchasing an additional 18,372 shares during the last quarter. Acadian Asset Management LLC raised its position 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. JPMorgan Chase & Co. raised its position in ON24 by 43.5% in the fourth quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company's stock valued at $5,307,000 after purchasing an additional 249,045 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in ON24 by 15.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 490,086 shares of the company's stock valued at $3,166,000 after purchasing an additional 66,022 shares during the last quarter. 83.93% of the stock is currently owned by institutional investors.

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.