Lake Lp Lynrock Purchases 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 that occurred on Friday, May 16th. The stock was bought at an average cost of $5.52 per share, with a total value of $135,659.52. Following the acquisition, the insider now owns 7,770,749 shares of the company’s stock, valued at $42,894,534.48. This represents a 0.32% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 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 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 acquired at an average price 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 shares were acquired at an average price of $5.37 per share, with a total value of $131,973.12.
• On Monday, May 12th, Lake Lp Lynrock acquired 24,576 shares of ON24 stock. The shares were bought at an average cost of $5.16 per share, with a total value of $126,812.16.
• On Friday, March 14th, Lake Lp Lynrock acquired 38,022 shares of ON24 stock. The shares were 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 stock was purchased at an average price of $5.75 per share, with a total value 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 shares were acquired 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 shares were acquired at an average cost of $5.57 per share, with a total value of $155,519.97.

ON24 Stock Down 2.1%

NYSE:ONTF opened at $5.36 on Thursday. The company has a market cap of $227.45 million, a P/E ratio of -5.15 and a beta of 0.56. ON24, Inc. has a twelve month low of $4.35 and a twelve month high of $7.04. The business has a 50 day moving average price of $5.00 and a two-hundred day moving average price of $5.96.

ON24 announced that its Board of Directors has approved a share buyback program on Monday, May 12th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 22.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have weighed in on ONTF. William Blair reaffirmed a “market perform” rating on shares of ON24 in a research note on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of ON24 in a report on Wednesday, February 26th. Canaccord Genuity Group cut their price objective on shares of ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. Robert W. Baird reduced their target price on shares of ON24 from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. lowered their target price on ON24 from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $5.33.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ONTF. Charles Schwab Investment Management Inc. increased its stake in ON24 by 0.8% in the 4th 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 last quarter. AQR Capital Management LLC increased its position in shares of ON24 by 15.9% in the first 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 raised its holdings in 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 acquiring an additional 3,518 shares in the last quarter. SG Americas Securities LLC boosted its position in ON24 by 38.1% during the fourth 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 last quarter. Finally, Squarepoint Ops LLC boosted its position in ON24 by 56.6% during the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company’s stock valued at $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.

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.