Insider Buying: ON24, Inc. (NYSE:ONTF) Major Shareholder Acquires 27,921 Shares of Stock

ON24, Inc. (NYSE:ONTF) major shareholder Lake Lp Lynrock acquired 27,921 shares of ON24 stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $5.81 per share, with a total value of $162,221.01. Following the completion of the purchase, the insider now owns 7,469,364 shares in the company, valued at $43,397,004.84. This represents a 0.38 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large 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, March 10th, Lake Lp Lynrock acquired 38,022 shares of ON24 stock. The shares were purchased at an average price of $5.56 per share, with a total value of $211,402.32.
• On Wednesday, March 5th, Lake Lp Lynrock bought 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 bought 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 Stock Performance

Shares of NYSE ONTF traded down $0.23 during midday trading on Monday, hitting $5.52. 210,857 shares of the company’s stock traded hands, compared to its average volume of 139,993. The firm has a fifty day moving average of $6.44 and a 200 day moving average of $6.39. ON24, Inc. has a 1 year low of $5.37 and a 1 year high of $7.38. The stock has a market capitalization of $229.71 million, a price-to-earnings ratio of -5.30 and a beta of 0.55.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ONTF shares. Needham & Company LLC reissued a “hold” 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, William Blair reissued a “market perform” rating on shares of ON24 in a research report on Wednesday, February 26th.

Institutional Trading of ON24

Several large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC raised its position in ON24 by 38.1% in the fourth quarter. SG Americas Securities LLC now owns 14,092 shares of the company’s stock worth $91,000 after acquiring an additional 3,891 shares during the period. Squarepoint Ops LLC boosted its stake 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 acquiring an additional 5,713 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of 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 acquiring an additional 3,518 shares during the last quarter. Gladius Capital Management LP boosted its stake in shares of ON24 by 151.2% during the 3rd quarter. Gladius Capital Management LP now owns 22,854 shares of the company’s stock worth $140,000 after acquiring an additional 13,755 shares during the last quarter. Finally, R Squared Ltd purchased a new position in shares of ON24 during the 4th quarter worth $153,000. 83.93% of the stock is currently 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.