ON24, Inc. (NYSE:ONTF) Major Shareholder Lake Lp Lynrock Buys 33,425 Shares

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock purchased 33,425 shares of the firm’s stock in a transaction on Tuesday, June 3rd. The stock was acquired at an average price of $5.62 per share, with a total value of $187,848.50. Following the completion of the purchase, the insider now owns 8,084,474 shares of the company’s stock, 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 Securities & Exchange Commission, which is available through this hyperlink. Large 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 Thursday, June 5th, Lake Lp Lynrock purchased 40,283 shares of ON24 stock. The stock was acquired at an average price of $5.52 per share, with a total value of $222,362.16.
• On Monday, June 2nd, Lake Lp Lynrock purchased 40,283 shares of ON24 stock. The stock was acquired at an average price of $5.65 per share, with a total value of $227,598.95.
• On Friday, May 30th, Lake Lp Lynrock acquired 32,519 shares of ON24 stock. The stock was purchased at an average price of $5.67 per share, with a total value of $184,382.73.
• On Thursday, May 29th, Lake Lp Lynrock acquired 16,831 shares of ON24 stock. The stock was purchased at an average price of $5.63 per share, with a total value of $94,758.53.
• On Tuesday, May 27th, Lake Lp Lynrock acquired 32,519 shares of ON24 stock. The stock was purchased at an average price of $5.56 per share, with a total value of $180,805.64.
• On Friday, May 23rd, Lake Lp Lynrock acquired 27,884 shares of ON24 stock. The stock was purchased at an average price of $5.44 per share, with a total value of $151,688.96.
• On Wednesday, May 21st, Lake Lp Lynrock bought 27,884 shares of ON24 stock. The shares were bought 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 bought 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 bought at an average cost of $5.48 per share, for a total transaction of $152,804.32.
• On Friday, May 16th, Lake Lp Lynrock acquired 24,576 shares of ON24 stock. The stock was acquired at an average cost of $5.52 per share, for a total transaction of $135,659.52.

ON24 Stock Up 0.1%

NYSE:ONTF opened at $5.54 on Friday. ON24, Inc. has a 52 week low of $4.35 and a 52 week 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 moving average is $5.02 and its two-hundred day moving average is $5.88.

ON24 announced that its board has initiated a stock buyback plan on Monday, May 12th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 22.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its stake in ON24 by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company’s stock worth $1,842,000 after purchasing an additional 2,189 shares in the last quarter. AQR Capital Management LLC grew its stake in 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. Wells Fargo & Company MN grew its stake in 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. SG Americas Securities LLC grew 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 purchasing an additional 3,891 shares in the last quarter. Finally, Squarepoint Ops LLC grew its stake in 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. 83.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ONTF has been the topic of several recent analyst reports. Robert W. Baird decreased their price objective 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. JPMorgan Chase & Co. decreased their price objective 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. Canaccord Genuity Group decreased their price objective 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. Needham & Company LLC reaffirmed a “hold” rating on shares of ON24 in a report on Wednesday, February 26th. Finally, William Blair reaffirmed a “market perform” rating on shares of ON24 in a research note on Wednesday, February 26th. 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.