Lake Lp Lynrock Buys 14,093 Shares of ON24, Inc. (NYSE:ONTF) Stock

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock bought 14,093 shares of the firm’s stock in a transaction on Tuesday, May 20th. The stock was purchased at an average price of $5.44 per share, for a total transaction of $76,665.92. Following the completion of the acquisition, the insider now directly owns 7,812,726 shares in the company, valued at $42,501,229.44. The trade was a 0.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own 10% or more 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 Wednesday, May 21st, Lake Lp Lynrock bought 27,884 shares of ON24 stock. The stock was purchased at an average price of $5.43 per share, for a total transaction of $151,410.12.
• On Monday, May 19th, Lake Lp Lynrock bought 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 Friday, May 16th, Lake Lp Lynrock bought 24,576 shares of ON24 stock. The stock was purchased at an average price of $5.52 per share, for a total transaction of $135,659.52.
• On Thursday, May 15th, Lake Lp Lynrock acquired 12,971 shares of ON24 stock. The stock was bought at an average price of $5.46 per share, for a total transaction of $70,821.66.
• 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 Monday, May 12th, Lake Lp Lynrock acquired 24,576 shares of ON24 stock. The stock was bought at an average price of $5.16 per share, for a total transaction of $126,812.16.
• On Friday, March 14th, Lake Lp Lynrock acquired 38,022 shares of ON24 stock. The stock was bought at an average price 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 bought at an average price of $5.75 per share, for a total transaction of $218,626.50.
• On Monday, March 10th, Lake Lp Lynrock acquired 38,022 shares of ON24 stock. The stock was bought at an average price of $5.56 per share, for a total transaction of $211,402.32.
• On Friday, March 7th, Lake Lp Lynrock acquired 27,921 shares of ON24 stock. The stock was bought at an average price of $5.81 per share, for a total transaction of $162,221.01.

ON24 Stock Down 1.6%

ON24 stock opened at $5.38 on Friday. The firm has a market cap of $228.30 million, a PE ratio of -5.17 and a beta of 0.56. ON24, Inc. has a 52-week low of $4.35 and a 52-week high of $7.04. The company’s 50 day moving average is $5.00 and its two-hundred day moving average is $5.95.

ON24 announced that its board has initiated a share buyback program on Monday, May 12th that allows the company to buyback $50.00 million in outstanding 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 an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On ON24

A number of hedge funds have recently added to or reduced their stakes in ONTF. SG Americas Securities LLC increased its position 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 last quarter. Squarepoint Ops LLC increased 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 valued at $102,000 after purchasing an additional 5,713 shares during the last quarter. Wells Fargo & Company MN increased its position 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 last quarter. AQR Capital Management LLC increased its position in shares of ON24 by 15.9% in the 1st quarter. AQR Capital Management LLC now owns 21,741 shares of the company’s stock valued at $113,000 after purchasing an additional 2,989 shares during the last quarter. Finally, R Squared Ltd purchased a new stake in shares of ON24 in the 4th quarter valued at approximately $153,000. 83.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on ONTF shares. Needham & Company LLC restated a “hold” rating on shares of ON24 in a report on Wednesday, February 26th. JPMorgan Chase & Co. reduced their target price 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 reduced their target price 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. Robert W. Baird reduced their target price 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. Finally, William Blair reiterated a “market perform” rating on shares of ON24 in a report on Wednesday, February 26th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently 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.