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

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock purchased 24,576 shares of the stock in a transaction dated Friday, May 16th. The shares were purchased at an average price of $5.52 per share, with a total value of $135,659.52. Following the completion of the transaction, the insider now owns 7,770,749 shares of the company’s stock, valued at approximately $42,894,534.48. This trade represents a 0.32% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 19th, Lake Lp Lynrock acquired 27,884 shares of ON24 stock. The stock was purchased at an average price of $5.48 per share, for a total transaction of $152,804.32.
• On Thursday, May 15th, Lake Lp Lynrock bought 12,971 shares of ON24 stock. The shares were purchased at an average price of $5.46 per share, with a total value 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 cost of $5.37 per share, with a total value of $131,973.12.
• On Monday, May 12th, Lake Lp Lynrock purchased 24,576 shares of ON24 stock. The shares were acquired at an average cost of $5.16 per share, for a total transaction of $126,812.16.
• On Friday, March 14th, Lake Lp Lynrock acquired 38,022 shares of ON24 stock. The stock was acquired 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 shares were acquired at an average cost of $5.75 per share, for a total transaction of $218,626.50.
• On Monday, March 10th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The shares were acquired at an average price of $5.56 per share, for a total transaction of $211,402.32.
• On Friday, March 7th, Lake Lp Lynrock purchased 27,921 shares of ON24 stock. The stock was acquired at an average price 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 stock was bought at an average price of $5.64 per share, for a total transaction of $157,474.44.
• On Monday, March 3rd, Lake Lp Lynrock bought 27,921 shares of ON24 stock. The stock was bought at an average price of $5.57 per share, with a total value of $155,519.97.

ON24 Stock Down 0.9%

ONTF traded down $0.05 on Monday, reaching $5.40. The company’s stock had a trading volume of 169,439 shares, compared to its average volume of 138,333. The company has a market capitalization of $229.37 million, a price-to-earnings ratio of -5.19 and a beta of 0.56. ON24, Inc. has a fifty-two week low of $4.35 and a fifty-two week high of $7.04. The stock has a 50 day moving average of $5.02 and a two-hundred day moving average of $5.97.

ON24 declared that its Board of Directors has initiated a stock repurchase plan on Monday, May 12th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 22.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ONTF. Canaccord Genuity Group cut their target price on shares of ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC reissued 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. Robert W. Baird dropped their target price on ON24 from $7.00 to $5.00 and set a “neutral” rating on the stock in a report 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 analysts have rated the stock with a hold rating, According to data from MarketBeat, ON24 currently has a consensus rating of “Hold” and a consensus target price of $5.33.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ONTF. SG Americas Securities LLC raised its stake in ON24 by 38.1% during the 4th 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 in the last quarter. Squarepoint Ops LLC boosted its stake in ON24 by 56.6% in the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock valued at $102,000 after acquiring an additional 5,713 shares in the last quarter. Wells Fargo & Company MN increased 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 worth $112,000 after purchasing an additional 3,518 shares in the last quarter. AQR Capital Management LLC increased 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 worth $113,000 after purchasing an additional 2,989 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in shares of ON24 in the 4th quarter valued at about $153,000. Institutional investors and hedge funds own 83.93% of the company’s stock.

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.