Insider Buying: ON24, Inc. (NYSE:ONTF) Major Shareholder Purchases 24,576 Shares of Stock

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock purchased 24,576 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was acquired at an average cost of $5.16 per share, with a total value of $126,812.16. Following the transaction, the insider now directly owns 7,684,050 shares of the company’s stock, valued at approximately $39,649,698. This represents a 0.32% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own 10% or more 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 Wednesday, May 14th, Lake Lp Lynrock acquired 24,576 shares of ON24 stock. The stock was bought at an average price of $5.37 per share, for a total transaction of $131,973.12.
• On Friday, March 14th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The shares were 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 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 stock was purchased at an average price of $5.56 per share, for a total transaction of $211,402.32.
• On Friday, March 7th, Lake Lp Lynrock bought 27,921 shares of ON24 stock. The shares were purchased at an average price of $5.81 per share, with a total value of $162,221.01.
• On Wednesday, March 5th, Lake Lp Lynrock purchased 27,921 shares of ON24 stock. The stock was purchased 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 purchased at an average price of $5.57 per share, with a total value of $155,519.97.

ON24 Stock Down 1.3%

ON24 stock opened at $5.44 on Friday. The business’s 50-day simple moving average is $5.02 and its 200 day simple moving average is $5.97. The stock has a market cap of $231.06 million, a price-to-earnings ratio of -5.23 and a beta of 0.56. ON24, Inc. has a 12-month low of $4.35 and a 12-month high of $7.04.

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

Institutional Investors Weigh In On ON24

Institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its holdings in ON24 by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company’s stock valued at $1,842,000 after buying an additional 2,189 shares during the period. AQR Capital Management LLC raised its position 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 valued at $113,000 after acquiring an additional 2,989 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of ON24 by 25.6% in the 4th quarter. Wells Fargo & Company MN now owns 17,270 shares of the company’s stock valued at $112,000 after purchasing an additional 3,518 shares during the period. SG Americas Securities LLC lifted its stake in shares of ON24 by 38.1% in the 4th quarter. SG Americas Securities LLC now owns 14,092 shares of the company’s stock valued at $91,000 after purchasing an additional 3,891 shares during the period. Finally, Squarepoint Ops LLC boosted its position in shares of ON24 by 56.6% in 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 during the last quarter. Institutional investors and hedge funds own 83.93% of the company’s stock.

Analyst Upgrades and Downgrades

ONTF has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their price target on ON24 from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Robert W. Baird decreased 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. Needham & Company LLC reaffirmed a “hold” rating on shares of ON24 in a report on Wednesday, February 26th. Canaccord Genuity Group dropped their target price on shares of ON24 from $9.00 to $5.00 and set a “hold” rating for the company in a research note on Thursday, May 8th. Finally, William Blair reissued 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, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price 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.