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Lynrock Lake LP, a significant shareholder in ON24 Inc. (NYSE:ONTF), has increased its stake in the company through recent stock purchases, as disclosed in a recent SEC filing. The company, currently valued at $236.16 million, has shown strong institutional interest despite trading at relatively low revenue multiples according to InvestingPro data. The transactions, dated June 3 and June 5, involved the acquisition of a total of 73,708 shares of ON24 common stock, with a combined value of approximately $410,210. The shares were bought at a weighted average price ranging from $5.52 to $5.62 per share.
These transactions were conducted indirectly through Lynrock Lake Master Fund LP, managed by Lynrock Lake LP and its general partner, Lynrock Lake Partners LLC. Cynthia Paul, the Chief Investment Officer of Lynrock Lake and Sole Member of Lynrock Lake Partners, is associated with these holdings. Following these acquisitions, Lynrock Lake’s total ownership in ON24 amounted to 8,124,757 shares, with an additional 109,240 shares held directly by Cynthia Paul. The institutional confidence aligns with InvestingPro analysis showing the company maintains a healthy current ratio of 2.53 and impressive gross profit margins of 74.7%.
The purchases reflect Lynrock Lake’s continued interest in ON24, a company known for its digital experience platform, which enables businesses to create engaging and data-rich webinars and virtual events. InvestingPro’s Fair Value analysis suggests ON24 is currently undervalued, with additional insights available in the comprehensive Pro Research Report covering 1,400+ top stocks.
In other recent news, ON24 reported its first-quarter 2025 financial results, revealing mixed outcomes. The company experienced an earnings per share (EPS) miss, reporting -$0.01 compared to the forecasted $0.02. However, revenue slightly exceeded expectations, reaching $34.7 million against a forecast of $34.28 million. Despite the earnings shortfall, ON24 maintained positive free cash flow for the fifth consecutive quarter. The company is focusing on expanding its AI capabilities and diversifying its customer base beyond traditional verticals. In a strategic move, ON24 appointed David Lee as the new Chief Marketing Officer, aiming to enhance its AI engagement platform. Lee brings significant experience from previous roles, including CMO at Envestnet (NYSE:ENV) | Yodlee. The company is also launching a $50 million share repurchase program, indicating confidence in its long-term growth strategy. These developments come as ON24 navigates macroeconomic uncertainties while aiming for sustainable growth.
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