Lake Lp Lynrock Buys 32,519 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock bought 32,519 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were purchased at an average cost of $5.56 per share, for a total transaction of $180,805.64. Following the completion of the acquisition, the insider now owns 7,928,897 shares of the company’s stock, valued at $44,084,667.32. This trade represents a 0.41% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Major 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 Friday, May 23rd, Lake Lp Lynrock bought 27,884 shares of ON24 stock. The shares were purchased at an average cost of $5.44 per share, for a total transaction of $151,688.96.
• On Wednesday, May 21st, Lake Lp Lynrock bought 27,884 shares of ON24 stock. The shares were purchased at an average cost of $5.43 per share, for a total transaction of $151,410.12.
• On Tuesday, May 20th, Lake Lp Lynrock bought 14,093 shares of ON24 stock. The shares were purchased at an average cost of $5.44 per share, for a total transaction of $76,665.92.
• On Monday, May 19th, Lake Lp Lynrock bought 27,884 shares of ON24 stock. The shares were purchased at an average cost 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 shares were 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 shares were 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 purchased 24,576 shares of ON24 stock. The stock was bought at an average price 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 stock was bought at an average price of $5.16 per share, with a total value of $126,812.16.
• On Friday, March 14th, Lake Lp Lynrock purchased 38,022 shares of ON24 stock. The stock was bought at an average price of $5.79 per share, with a total value of $220,147.38.
• On Wednesday, March 12th, Lake Lp Lynrock purchased 38,022 shares of ON24 stock. The stock was bought at an average price of $5.75 per share, with a total value of $218,626.50.

ON24 Trading Up 4.3%

Shares of NYSE ONTF opened at $5.69 on Friday. ON24, Inc. has a one year low of $4.35 and a one year high of $7.04. The firm has a market capitalization of $241.47 million, a PE ratio of -5.47 and a beta of 0.56. The business has a 50-day moving average price of $5.00 and a two-hundred day moving average price of $5.92.

ON24 announced that its Board of Directors has approved a share buyback program on Monday, May 12th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 22.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On ON24

A number of institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC raised its stake in shares of 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 purchasing an additional 3,891 shares in the last quarter. Squarepoint Ops LLC raised its stake in shares of ON24 by 56.6% during the 4th quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock worth $102,000 after purchasing an additional 5,713 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of ON24 by 25.6% during the 4th 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 raised its stake in shares of ON24 by 15.9% during the 1st 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 during the 4th quarter worth about $153,000. 83.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ONTF has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price target on ON24 from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Canaccord Genuity Group decreased their price target on ON24 from $9.00 to $5.00 and set a “hold” rating for the company in a research report on Thursday, May 8th. William Blair reiterated a “market perform” rating on shares of ON24 in a research report on Wednesday, February 26th. Robert W. Baird decreased their price objective on ON24 from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of ON24 in a research report on Wednesday, February 26th. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.