ON24, Inc. (NYSE:ONTF) Major Shareholder Purchases $131,973.12 in Stock

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock purchased 24,576 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were acquired at an average cost of $5.37 per share, with a total value of $131,973.12. Following the purchase, the insider now directly owns 7,733,202 shares of the company’s stock, valued at approximately $41,527,294.74. The trade was a 0.32% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Major shareholders that own more than 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 Monday, May 12th, Lake Lp Lynrock purchased 24,576 shares of ON24 stock. The shares were acquired at an average cost of $5.16 per share, with a total value of $126,812.16.
• On Friday, March 14th, Lake Lp Lynrock purchased 38,022 shares of ON24 stock. The shares were acquired at an average cost of $5.79 per share, with a total value of $220,147.38.
• On Wednesday, March 12th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The stock was purchased at an average price of $5.75 per share, for a total transaction of $218,626.50.
• On Monday, March 10th, Lake Lp Lynrock purchased 38,022 shares of ON24 stock. The shares were acquired at an average price of $5.56 per share, with a total value of $211,402.32.
• On Friday, March 7th, Lake Lp Lynrock acquired 27,921 shares of ON24 stock. The stock was acquired at an average cost 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 stock was acquired at an average cost of $5.64 per share, with a total value of $157,474.44.
• On Monday, March 3rd, Lake Lp Lynrock acquired 27,921 shares of ON24 stock. The stock was acquired at an average cost of $5.57 per share, with a total value of $155,519.97.

ON24 Price Performance

Shares of ON24 stock opened at $5.44 on Friday. ON24, Inc. has a one year low of $4.35 and a one year high of $7.04. The firm has a market capitalization of $231.06 million, a price-to-earnings ratio of -5.23 and a beta of 0.56. The business has a 50-day simple moving average of $5.02 and a 200 day simple moving average of $5.97.

ON24 announced that its Board of Directors has approved a share repurchase program on Monday, May 12th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase up to 22.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ONTF has been the subject of several research analyst reports. Needham & Company LLC reissued a “hold” rating on shares of ON24 in a research report on Wednesday, February 26th. Canaccord Genuity Group lowered 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. William Blair reissued a “market perform” rating on shares of ON24 in a research report on Wednesday, February 26th. JPMorgan Chase & Co. decreased their target price on ON24 from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Finally, Robert W. Baird decreased their target price on ON24 from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $5.33.

Institutional Trading of ON24

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC increased its holdings 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. Squarepoint Ops LLC increased its holdings 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. Wells Fargo & Company MN increased its holdings 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. AQR Capital Management LLC increased 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 worth $113,000 after purchasing an additional 2,989 shares in the last quarter. Finally, R Squared Ltd bought a new stake in ON24 during the 4th quarter worth approximately $153,000. 83.93% of the stock is owned by institutional investors.

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.