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

ON24, Inc. (NYSE:ONTF - Get Free Report) major shareholder Lake Lp Lynrock acquired 27,921 shares of ON24 stock in a transaction dated 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 acquisition, the insider now owns 7,469,364 shares of the company's stock, valued at approximately $43,397,004.84. This trade represents a 0.38 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own at least 10% 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, March 12th, Lake Lp Lynrock purchased 38,022 shares of ON24 stock. The shares were purchased at an average cost 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 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 acquired at an average price of $5.57 per share, for a total transaction of $155,519.97.

ON24 Price Performance

ONTF stock traded down $0.14 during midday trading on Thursday, reaching $5.60. The company had a trading volume of 191,688 shares, compared to its average volume of 139,985. ON24, Inc. has a 1-year low of $5.37 and a 1-year high of $7.38. The stock has a 50 day moving average price of $6.39 and a 200-day moving average price of $6.37. The company has a market capitalization of $233.20 million, a price-to-earnings ratio of -5.38 and a beta of 0.55.

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Analyst Upgrades and Downgrades

A number of research firms have issued reports on ONTF. JPMorgan Chase & Co. cut their price objective on shares of ON24 from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Needham & Company LLC reiterated a "hold" rating on shares of ON24 in a research note 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 Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ONTF. SG Americas Securities LLC boosted its holdings in shares of ON24 by 38.1% in the 4th 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 lifted 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 buying an additional 5,713 shares during the last quarter. Wells Fargo & Company MN boosted its stake in ON24 by 25.6% in the fourth 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. Gladius Capital Management LP grew its position in ON24 by 151.2% in the third quarter. Gladius Capital Management LP now owns 22,854 shares of the company's stock valued at $140,000 after acquiring an additional 13,755 shares during the last quarter. Finally, R Squared Ltd acquired a new position in ON24 during the fourth quarter worth about $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.