ON24, Inc. (NYSE:ONTF) Major Shareholder Acquires $126,812.16 in Stock

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock bought 24,576 shares of the company’s stock in a transaction on Monday, May 12th. The shares were acquired at an average cost of $5.16 per share, for a total transaction of $126,812.16. Following the completion of the acquisition, the insider now directly owns 7,684,050 shares of the company’s stock, valued at $39,649,698. This trade represents a 0.32% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large 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 bought 24,576 shares of ON24 stock. The stock was bought at an average price of $5.37 per share, with a total value of $131,973.12.
• On Friday, March 14th, Lake Lp Lynrock purchased 38,022 shares of ON24 stock. The stock was bought at an average cost of $5.79 per share, for a total transaction of $220,147.38.
• On Wednesday, March 12th, Lake Lp Lynrock bought 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 purchased 38,022 shares of ON24 stock. The shares were purchased at an average cost 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 purchased at an average cost of $5.81 per share, for a total transaction of $162,221.01.
• On Wednesday, March 5th, Lake Lp Lynrock bought 27,921 shares of ON24 stock. The shares were purchased at an average cost of $5.64 per share, with a total value of $157,474.44.
• On Monday, March 3rd, Lake Lp Lynrock purchased 27,921 shares of ON24 stock. The stock was purchased at an average price of $5.57 per share, for a total transaction of $155,519.97.

ON24 Stock Performance

NYSE:ONTF opened at $5.44 on Friday. The stock’s 50 day moving average price is $5.02 and its 200 day moving average price is $5.97. ON24, Inc. has a 52 week low of $4.35 and a 52 week high of $7.04. The company has a market capitalization of $231.06 million, a P/E ratio of -5.23 and a beta of 0.56.

ON24 announced that its Board of Directors has initiated a stock repurchase program on Monday, May 12th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 22.6% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ONTF. Lynrock Lake LP lifted its holdings in shares of ON24 by 4.5% during the first quarter. Lynrock Lake LP now owns 7,659,474 shares of the company’s stock valued at $39,829,000 after acquiring an additional 329,715 shares during the period. Federated Hermes Inc. increased its stake in shares of ON24 by 1.6% in the 4th quarter. Federated Hermes Inc. now owns 1,167,713 shares of the company’s stock valued at $7,543,000 after acquiring an additional 18,372 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of ON24 by 43.5% in the 4th quarter. JPMorgan Chase & Co. now owns 821,461 shares of the company’s stock valued at $5,307,000 after acquiring an additional 249,045 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of ON24 by 15.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 490,086 shares of the company’s stock valued at $3,166,000 after acquiring an additional 66,022 shares during the last quarter. Finally, Horrell Capital Management Inc. raised its holdings in ON24 by 15.9% during the 4th quarter. Horrell Capital Management Inc. now owns 394,196 shares of the company’s stock worth $2,547,000 after buying an additional 54,000 shares during the period. 83.93% of the stock is owned by institutional investors.

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.