ON24, Inc. (NYSE:ONTF) Major Shareholder Lake Lp Lynrock Purchases 33,425 Shares

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock acquired 33,425 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were bought at an average price of $5.62 per share, with a total value of $187,848.50. Following the completion of the purchase, the insider now directly owns 8,084,474 shares in the company, valued at $45,434,743.88. The trade was a 0.42% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own at least 10% of a company's stock 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 acquired 40,283 shares of ON24 stock. The shares were bought at an average price of $5.52 per share, with a total value of $222,362.16.
• On Monday, June 2nd, Lake Lp Lynrock acquired 40,283 shares of ON24 stock. The shares were bought at an average price of $5.65 per share, with a total value of $227,598.95.
• On Friday, May 30th, Lake Lp Lynrock acquired 32,519 shares of ON24 stock. The shares were bought at an average price of $5.67 per share, with a total value of $184,382.73.
• On Thursday, May 29th, Lake Lp Lynrock purchased 16,831 shares of ON24 stock. The stock was acquired at an average price of $5.63 per share, with a total value of $94,758.53.
• On Tuesday, May 27th, Lake Lp Lynrock purchased 32,519 shares of ON24 stock. The stock was acquired at an average price of $5.56 per share, with a total value of $180,805.64.
• On Friday, May 23rd, Lake Lp Lynrock purchased 27,884 shares of ON24 stock. The stock was acquired at an average price 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 acquired 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 acquired at an average price 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 stock was acquired 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 stock was acquired at an average price of $5.52 per share, with a total value of $135,659.52.

ON24 Stock Up 1.2%

Shares of NYSE:ONTF traded up $0.06 during trading on Thursday, hitting $5.55. The stock had a trading volume of 213,593 shares, compared to its average volume of 136,934. The stock has a market capitalization of $235.91 million, a price-to-earnings 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 stock has a 50-day simple moving average of $5.01 and a two-hundred day simple moving average of $5.89.

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

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. Needham & Company LLC restated 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 for the company in a research note on Thursday, May 8th. Canaccord Genuity Group reduced their price objective on ON24 from $9.00 to $5.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Finally, William Blair restated a "market perform" rating on shares of ON24 in a research note on Wednesday, February 26th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $5.33.

Institutional Trading of ON24

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