Lake Lp Lynrock Acquires 27,884 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock acquired 27,884 shares of ON24 stock in a transaction that occurred on Monday, May 19th. The stock was bought at an average price of $5.48 per share, with a total value of $152,804.32. Following the purchase, the insider now directly owns 7,798,633 shares of the company’s stock, valued at approximately $42,736,508.84. This trade represents a 0.36% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more 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 Friday, May 16th, Lake Lp Lynrock bought 24,576 shares of ON24 stock. The stock was purchased at an average cost 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 cost 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 cost of $5.37 per share, for a total transaction of $131,973.12.
• 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, for a total transaction 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, for a total transaction of $220,147.38.
• On Wednesday, March 12th, Lake Lp Lynrock acquired 38,022 shares of ON24 stock. The shares were bought at an average price of $5.75 per share, with a total value of $218,626.50.
• On Monday, March 10th, Lake Lp Lynrock acquired 38,022 shares of ON24 stock. The shares were bought at an average price 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 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 shares were bought at an average price 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 price of $5.57 per share, with a total value of $155,519.97.

ON24 Trading Up 1.3%

ON24 stock opened at $5.47 on Wednesday. The firm has a market capitalization of $232.34 million, a P/E ratio of -5.26 and a beta of 0.56. The stock has a fifty day moving average price of $5.01 and a 200 day moving average price of $5.96. ON24, Inc. has a 52 week low of $4.35 and a 52 week high of $7.04.

ON24 declared that its board has approved a stock buyback plan on Monday, May 12th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to purchase up to 22.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ONTF shares. Needham & Company LLC reaffirmed a “hold” rating on shares of ON24 in a research note on Wednesday, February 26th. William Blair reaffirmed a “market perform” rating on shares of ON24 in a research note on Wednesday, February 26th. Robert W. Baird decreased their price target on shares of ON24 from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. JPMorgan Chase & Co. decreased their price target on shares of ON24 from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Finally, Canaccord Genuity Group decreased their price target 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. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $5.33.

Hedge Funds Weigh In On ON24

Several institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted 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 valued at $5,307,000 after purchasing an additional 249,045 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in shares of ON24 by 50.9% in the 4th quarter. Bridgeway Capital Management LLC now owns 363,948 shares of the company’s stock valued at $2,351,000 after purchasing an additional 122,700 shares during the last quarter. P.A.W. Capital Corp acquired a new position in shares of ON24 in the 4th quarter valued at $484,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of ON24 by 15.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 490,086 shares of the company’s stock valued at $3,166,000 after purchasing an additional 66,022 shares during the last quarter. Finally, Horrell Capital Management Inc. boosted its holdings in shares of ON24 by 15.9% in the 4th quarter. Horrell Capital Management Inc. now owns 394,196 shares of the company’s stock valued at $2,547,000 after purchasing an additional 54,000 shares during the last quarter. 83.93% of the stock is currently owned by institutional investors and hedge funds.

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.