Insider Buying: ON24, Inc. (NYSE:ONTF) Major Shareholder Acquires 27,884 Shares of Stock

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock bought 27,884 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The shares were acquired at an average cost of $5.48 per share, with a total value of $152,804.32. Following the transaction, the insider now owns 7,798,633 shares in the company, valued at approximately $42,736,508.84. This represents a 0.36% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Friday, May 16th, Lake Lp Lynrock purchased 24,576 shares of ON24 stock. The shares were purchased at an average cost of $5.52 per share, for a total transaction of $135,659.52.
• On Thursday, May 15th, Lake Lp Lynrock purchased 12,971 shares of ON24 stock. The stock was 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 acquired 24,576 shares of ON24 stock. The shares were bought at an average cost of $5.37 per share, with a total value of $131,973.12.
• On Monday, May 12th, Lake Lp Lynrock purchased 24,576 shares of ON24 stock. The shares were purchased at an average cost of $5.16 per share, for a total transaction of $126,812.16.
• On Friday, March 14th, Lake Lp Lynrock bought 38,022 shares of ON24 stock. The stock was bought at an average price 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 bought at an average price of $5.75 per share, with a total value of $218,626.50.
• On Monday, March 10th, Lake Lp Lynrock acquired 38,022 shares of ON24 stock. The stock was purchased at an average cost 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 shares were 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 purchased 27,921 shares of ON24 stock. The shares were acquired at an average price 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 shares were bought at an average price of $5.57 per share, for a total transaction of $155,519.97.

ON24 Price Performance

ONTF stock opened at $5.47 on Wednesday. ON24, Inc. has a 52-week low of $4.35 and a 52-week high of $7.04. The company has a 50-day moving average of $5.01 and a two-hundred day moving average of $5.96. The stock has a market capitalization of $232.34 million, a price-to-earnings ratio of -5.26 and a beta of 0.56.

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

Analyst Upgrades and Downgrades

ONTF has been the subject of a number of research analyst reports. Robert W. Baird cut their price target 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. Needham & Company LLC reissued a “hold” rating on shares of ON24 in a report on Wednesday, February 26th. William Blair restated a “market perform” rating on shares of ON24 in a 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 on the stock in a report on Wednesday, February 26th. Finally, Canaccord Genuity Group decreased their target price on ON24 from $9.00 to $5.00 and set a “hold” rating on the stock in a report on Thursday, May 8th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, ON24 has a consensus rating of “Hold” and a consensus price target of $5.33.

Institutional Trading of ON24

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC lifted its holdings in shares of 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 acquiring an additional 3,891 shares during the period. Squarepoint Ops LLC lifted its holdings in shares of 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 acquiring an additional 5,713 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of ON24 by 25.6% during the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company’s stock valued at $112,000 after acquiring an additional 3,518 shares during the period. AQR Capital Management LLC lifted its holdings in shares of ON24 by 15.9% during 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 period. Finally, R Squared Ltd bought a new position in shares of ON24 during the fourth quarter valued at $153,000. Institutional investors own 83.93% of the company’s stock.

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.