ON24, Inc. (NYSE:ONTF) Major Shareholder Lake Lp Lynrock Buys 24,576 Shares

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock acquired 24,576 shares of the stock in a transaction dated Wednesday, May 14th. The stock was bought at an average price of $5.37 per share, for a total transaction of $131,973.12. Following the purchase, the insider now owns 7,733,202 shares of the company's stock, valued at $41,527,294.74. The trade was a 0.32% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 Monday, May 12th, Lake Lp Lynrock bought 24,576 shares of ON24 stock. The stock was purchased at an average cost of $5.16 per share, with a total value of $126,812.16.
• On Friday, March 14th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The stock was purchased at an average cost of $5.79 per share, with a total value 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 cost of $5.75 per share, with a total value 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 cost of $5.56 per share, with a total value of $211,402.32.
• On Friday, March 7th, Lake Lp Lynrock acquired 27,921 shares of ON24 stock. The shares were bought at an average cost of $5.81 per share, with a total value of $162,221.01.
• On Wednesday, March 5th, Lake Lp Lynrock acquired 27,921 shares of ON24 stock. The shares were bought at an average cost of $5.64 per share, with a total value of $157,474.44.
• On Monday, March 3rd, Lake Lp Lynrock acquired 27,921 shares of ON24 stock. The shares were bought at an average cost of $5.57 per share, with a total value of $155,519.97.

ON24 Stock Down 0.6%

ON24 stock opened at $5.38 on Thursday. The stock has a 50-day simple moving average of $5.03 and a 200 day simple moving average of $5.99. ON24, Inc. has a 12-month low of $4.35 and a 12-month high of $7.04. The stock has a market capitalization of $228.51 million, a price-to-earnings ratio of -5.17 and a beta of 0.56.

ON24 announced that its Board of Directors has approved a share buyback program 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 programs are usually an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. 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. Robert W. Baird cut their price target on ON24 from $7.00 to $5.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of ON24 in a report on Wednesday, February 26th. William Blair reaffirmed a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. Finally, 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. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $5.33.

Institutional Trading of ON24

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC increased its position in ON24 by 115.6% in the first quarter. Hsbc Holdings PLC now owns 78,363 shares of the company's stock worth $409,000 after purchasing an additional 42,018 shares during the period. American Century Companies Inc. grew its position in shares of ON24 by 32.6% during the 1st quarter. American Century Companies Inc. now owns 41,333 shares of the company's stock worth $215,000 after buying an additional 10,171 shares during the period. Nuveen LLC acquired a new position in shares of ON24 during the 1st quarter worth about $357,000. R Squared Ltd grew its position in shares of ON24 by 74.6% during the 1st quarter. R Squared Ltd now owns 41,415 shares of the company's stock worth $215,000 after buying an additional 17,693 shares during the period. Finally, P.A.W. Capital Corp grew its position in shares of ON24 by 113.3% during the 1st quarter. P.A.W. Capital Corp now owns 160,000 shares of the company's stock worth $832,000 after buying an additional 85,000 shares during the period. 83.93% of the stock is currently owned by institutional investors and hedge funds.

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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