ON24, Inc. (NYSE:ONTF) Major Shareholder Purchases $185,742.92 in Stock

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock acquired 33,407 shares of the stock in a transaction on Thursday, June 12th. The shares were acquired at an average cost of $5.56 per share, for a total transaction of $185,742.92. Following the completion of the transaction, the insider now directly owns 8,293,974 shares in the company, valued at $46,114,495.44. The trade was a 0.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Lake Lp Lynrock also recently made the following trade(s):

• On Wednesday, June 11th, Lake Lp Lynrock bought 143 shares of ON24 stock. The shares were acquired at an average price of $5.50 per share, with a total value of $786.50.
• On Monday, June 9th, Lake Lp Lynrock purchased 47,692 shares of ON24 stock. The shares were bought at an average cost of $5.57 per share, for a total transaction of $265,644.44.
• On Thursday, June 5th, Lake Lp Lynrock acquired 40,283 shares of ON24 stock. The shares were bought at an average cost of $5.52 per share, with a total value of $222,362.16.
• On Tuesday, June 3rd, Lake Lp Lynrock bought 33,425 shares of ON24 stock. The stock was bought at an average price of $5.62 per share, for a total transaction of $187,848.50.
• On Monday, June 2nd, Lake Lp Lynrock purchased 40,283 shares of ON24 stock. The shares were bought at an average price of $5.65 per share, with a total value of $227,598.95.
• On Friday, May 30th, Lake Lp Lynrock purchased 32,519 shares of ON24 stock. The shares were bought at an average cost 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 cost of $5.63 per share, for a total transaction of $94,758.53.
• On Tuesday, May 27th, Lake Lp Lynrock bought 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 purchased 27,884 shares of ON24 stock. The shares were purchased at an average price of $5.44 per share, for a total transaction of $151,688.96.
• On Wednesday, May 21st, Lake Lp Lynrock acquired 27,884 shares of ON24 stock. The stock was purchased at an average price of $5.43 per share, with a total value of $151,410.12.

ON24 Stock Performance

ON24 stock opened at $5.29 on Friday. ON24, Inc. has a fifty-two week low of $4.35 and a fifty-two week high of $7.04. The firm has a market capitalization of $224.48 million, a price-to-earnings ratio of -5.08 and a beta of 0.66. The stock’s fifty day moving average is $5.08 and its two-hundred day moving average is $5.85.

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

Hedge Funds Weigh In On ON24

Several hedge funds have recently added to or reduced their stakes in ONTF. SG Americas Securities LLC lifted its holdings in shares of ON24 by 38.1% in 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 in the last quarter. Squarepoint Ops LLC raised its position 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 during the last quarter. Wells Fargo & Company MN lifted its stake in 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 buying an additional 3,518 shares in the last quarter. AQR Capital Management LLC grew its holdings in 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 buying an additional 2,989 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in ON24 during the fourth quarter worth $175,000. 83.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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