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In a recent disclosure, Lynrock Lake LP, a significant shareholder of ON24 Inc. (NYSE:ONTF), reported purchasing additional shares of the company’s common stock. The transactions, which took place on June 11 and June 12, involved acquiring a total of 33,550 shares. According to InvestingPro data, the company appears undervalued with its current market capitalization of $224 million, while management has been actively buying back shares.
The purchases were made at prices ranging from $5.50 to $5.56 per share, with the total value of the transactions amounting to $186,529. Following these acquisitions, Lynrock Lake now holds 8,293,974 shares indirectly through its fund. InvestingPro analysis shows ON24 maintains a strong balance sheet with more cash than debt and a healthy current ratio of 2.53x. Get access to 8 more exclusive ProTips and comprehensive analysis with InvestingPro.
Cynthia Paul, the Chief Investment Officer of Lynrock Lake and a director of ON24, is associated with these transactions. The shares are held by Lynrock Lake Master Fund LP, with Lynrock Lake LP as the investment manager and Lynrock Lake Partners LLC as the general partner. Paul, as the sole member of the general partner, may be deemed to have beneficial ownership of these shares. However, she disclaims any beneficial ownership except to the extent of her pecuniary interest.
In other recent news, ON24 reported its first-quarter 2025 financial results, showing mixed outcomes. The company missed earnings per share (EPS) expectations, reporting an EPS of -$0.01 against a forecast of $0.02. However, revenue for the quarter slightly exceeded projections, coming in at $34.7 million compared to the expected $34.28 million. Despite the earnings miss, ON24 maintained positive free cash flow for the fifth consecutive quarter, amounting to $1.9 million. In another development, ON24 announced the appointment of David Lee as Chief Marketing Officer, aiming to enhance its AI-powered engagement platform. The company is also expanding its AI capabilities and diversifying its customer base beyond traditional sectors. Analysts from Needham and Company noted the company’s ongoing challenges in achieving profitability but recognized improvements in operational performance and customer retention. ON24 has also introduced a new $50 million share repurchase program, reflecting confidence in its long-term growth strategy.
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