Insider Buying: ON24, Inc. (NYSE:ONTF) Major Shareholder Purchases 32,519 Shares of Stock

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock purchased 32,519 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were acquired at an average price of $5.56 per share, for a total transaction of $180,805.64. Following the completion of the transaction, the insider now directly owns 7,928,897 shares of the company's stock, valued at $44,084,667.32. The trade was a 0.41% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Lake Lp Lynrock also recently made the following trade(s):

• On Monday, June 2nd, Lake Lp Lynrock purchased 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 acquired at an average price of $5.67 per share, for a total transaction of $184,382.73.
• On Thursday, May 29th, Lake Lp Lynrock purchased 16,831 shares of ON24 stock. The shares were acquired at an average price of $5.63 per share, for a total transaction of $94,758.53.
• On Friday, May 23rd, Lake Lp Lynrock purchased 27,884 shares of ON24 stock. The shares were acquired at an average price of $5.44 per share, for a total transaction of $151,688.96.
• On Wednesday, May 21st, Lake Lp Lynrock purchased 27,884 shares of ON24 stock. The shares were acquired at an average price of $5.43 per share, for a total transaction of $151,410.12.
• On Tuesday, May 20th, Lake Lp Lynrock purchased 14,093 shares of ON24 stock. The shares were acquired at an average price of $5.44 per share, for a total transaction of $76,665.92.
• On Monday, May 19th, Lake Lp Lynrock purchased 27,884 shares of ON24 stock. The shares were acquired at an average price 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 stock was purchased at an average price of $5.52 per share, for a total transaction of $135,659.52.
• On Thursday, May 15th, Lake Lp Lynrock bought 12,971 shares of ON24 stock. The stock was purchased at an average price of $5.46 per share, for a total transaction of $70,821.66.
• On Wednesday, May 14th, Lake Lp Lynrock bought 24,576 shares of ON24 stock. The stock was purchased at an average price of $5.37 per share, for a total transaction of $131,973.12.

ON24 Price Performance

Shares of ONTF stock traded down $0.13 during trading hours on Monday, hitting $5.56. The company had a trading volume of 202,337 shares, compared to its average volume of 137,229. The company's fifty day moving average is $5.00 and its 200 day moving average is $5.90. ON24, Inc. has a fifty-two week low of $4.35 and a fifty-two week high of $7.04. The stock has a market capitalization of $236.16 million, a PE ratio of -5.35 and a beta of 0.56.

ON24 declared that its Board of Directors has approved a stock repurchase program on Monday, May 12th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 22.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On ON24

Several large investors have recently made changes to their positions in the stock. Lynrock Lake LP lifted its holdings in shares of ON24 by 4.5% in the 1st quarter. Lynrock Lake LP now owns 7,659,474 shares of the company's stock worth $39,829,000 after acquiring an additional 329,715 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of ON24 by 1.6% in the 4th quarter. Federated Hermes Inc. now owns 1,167,713 shares of the company's stock worth $7,543,000 after acquiring an additional 18,372 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of ON24 by 18.0% in the 1st quarter. Acadian Asset Management LLC now owns 830,851 shares of the company's stock worth $4,319,000 after acquiring an additional 127,010 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of ON24 by 43.5% in the 4th quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company's stock worth $5,307,000 after acquiring an additional 249,045 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in ON24 by 15.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 490,086 shares of the company's stock worth $3,166,000 after buying an additional 66,022 shares during the period. 83.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on ONTF shares. Canaccord Genuity Group decreased their target price on shares of ON24 from $9.00 to $5.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. William Blair reiterated 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. JPMorgan Chase & Co. decreased their target price on shares of ON24 from $7.00 to $6.00 and set a "neutral" rating on the stock in a report on Wednesday, February 26th. Finally, Robert W. Baird decreased their target price on shares of ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $5.33.

About ON24

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.