ON24, Inc. (NYSE:ONTF) Major Shareholder Acquires $187,848.50 in Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock purchased 33,425 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was bought at an average price of $5.62 per share, for a total transaction of $187,848.50. Following the purchase, the insider now owns 8,084,474 shares in the company, valued at $45,434,743.88. The trade was a 0.42% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company's shares 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 purchased 40,283 shares of ON24 stock. The stock was bought at an average price of $5.52 per share, for a total transaction of $222,362.16.
• On Monday, June 2nd, Lake Lp Lynrock bought 40,283 shares of ON24 stock. The shares were acquired at an average price of $5.65 per share, for a total transaction of $227,598.95.
• On Friday, May 30th, Lake Lp Lynrock purchased 32,519 shares of ON24 stock. The shares were purchased at an average cost 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 shares were purchased at an average cost 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 shares were purchased at an average cost 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 shares were purchased 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 shares were purchased at an average cost 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 shares were purchased 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 cost of $5.48 per share, with a total value of $152,804.32.
• On Friday, May 16th, Lake Lp Lynrock acquired 24,576 shares of ON24 stock. The stock was bought at an average cost of $5.52 per share, with a total value of $135,659.52.

ON24 Stock Performance

Shares of ON24 stock traded up $0.01 during trading hours on Friday, reaching $5.54. The company's stock had a trading volume of 247,099 shares, compared to its average volume of 137,295. ON24, Inc. has a one year low of $4.35 and a one year high of $7.04. The company has a market capitalization of $235.10 million, a P/E ratio of -5.32 and a beta of 0.66. The stock's fifty day simple moving average is $5.02 and its two-hundred day simple moving average is $5.88.

ON24 declared that its board has authorized a share repurchase plan on Monday, May 12th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 22.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. SG Americas Securities LLC lifted its position in shares of ON24 by 38.1% during the fourth 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 lifted its position in shares of ON24 by 56.6% during the fourth 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 lifted its position in shares of ON24 by 25.6% during the fourth 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 lifted its position in shares of ON24 by 15.9% during the first 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 bought a new position in shares of ON24 during the fourth quarter valued at about $175,000. 83.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Canaccord Genuity Group dropped their price objective on shares of ON24 from $9.00 to $5.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Needham & Company LLC restated a "hold" rating on shares of ON24 in a research report on Wednesday, February 26th. JPMorgan Chase & Co. decreased their price objective on shares of ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. William Blair restated a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. Finally, Robert W. Baird reduced 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 equities research analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has a consensus 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.