ON24 (NYSE:ONTF) Updates Q4 2021 Earnings Guidance

ON24 (NYSE:ONTF) issued an update on its fourth quarter 2021 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $-0.100-$-0.080 for the period, compared to the Thomson Reuters consensus estimate of $-0.010. The company issued revenue guidance of $51 million-$52 million, compared to the consensus revenue estimate of $52.46 million.ON24 also updated its FY 2021 guidance to $-0.040-$-0.020 EPS.

NYSE ONTF traded up $0.20 on Thursday, hitting $15.95. 755,432 shares of the company were exchanged, compared to its average volume of 586,385. The company’s 50 day moving average price is $18.92 and its 200-day moving average price is $27.34. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.86 and a quick ratio of 3.86. The firm has a market capitalization of $758.71 million and a P/E ratio of -88.61. ON24 has a twelve month low of $15.37 and a twelve month high of $81.98.

ON24 (NYSE:ONTF) last posted its quarterly earnings data on Tuesday, November 9th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.17. ON24 had a positive return on equity of 1.03% and a negative net margin of 2.56%. As a group, equities analysts expect that ON24 will post -0.62 EPS for the current year.

Several analysts have issued reports on ONTF shares. Piper Sandler cut their price objective on ON24 from $40.00 to $25.00 and set an overweight rating on the stock in a report on Wednesday, November 10th. William Blair reaffirmed a buy rating on shares of ON24 in a research note on Wednesday, November 10th. Needham & Company LLC lowered their target price on ON24 from $40.00 to $25.00 and set a buy rating on the stock in a research note on Wednesday, November 10th. Canaccord Genuity cut ON24 from a buy rating to a hold rating and lowered their target price for the company from $45.00 to $30.00 in a research note on Wednesday, August 11th. Finally, Robert W. Baird lowered their target price on ON24 from $70.00 to $38.00 and set an outperform rating on the stock in a research note on Wednesday, August 11th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ON24 presently has a consensus rating of Buy and a consensus target price of $39.71.

In related news, insider Goldman Sachs Group Inc sold 43,838 shares of the business’s stock in a transaction that occurred on Thursday, November 18th. The stock was sold at an average price of $16.86, for a total value of $739,108.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Irwin Federman sold 60,357 shares of the company’s stock in a transaction that occurred on Tuesday, August 31st. The stock was sold at an average price of $22.55, for a total value of $1,361,050.35. Following the sale, the director now directly owns 9,790 shares of the company’s stock, valued at approximately $220,764.50. The disclosure for this sale can be found here. In the last three months, insiders sold 322,167 shares of company stock valued at $6,335,248.

Several hedge funds have recently modified their holdings of ONTF. Morgan Stanley lifted its holdings in shares of ON24 by 987.5% during the third quarter. Morgan Stanley now owns 404,066 shares of the company’s stock worth $8,057,000 after buying an additional 366,912 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of ON24 by 1,526.3% during the third quarter. Millennium Management LLC now owns 100,049 shares of the company’s stock worth $1,995,000 after buying an additional 93,897 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of ON24 by 167.3% during the third quarter. Bank of New York Mellon Corp now owns 62,160 shares of the company’s stock worth $1,240,000 after buying an additional 38,904 shares during the last quarter. Citadel Advisors LLC acquired a new position in shares of ON24 during the second quarter worth approximately $401,000. Finally, American International Group Inc. lifted its holdings in shares of ON24 by 191.8% during the third quarter. American International Group Inc. now owns 14,722 shares of the company’s stock worth $294,000 after buying an additional 9,676 shares during the last quarter. Institutional investors own 40.60% of the company’s stock.

About ON24

ON24, Inc provides a cloud-based digital experience platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 Experience products, such as ON24 Elite, a live and interactive webinar experience; ON24 Virtual Environment, a live and large scale virtual event experience; ON24 Engagement Hub, a rich multimedia content experience; and ON24 Target, a personalized and curated rich multimedia content experience, as well as solutions, including ON24 Intelligence, an analytics backbone that captures first-person data to power the insights, benchmarking, reporting, and artificial intelligence and machine learning engine; and ON24 Connect, an ecosystem of third-party application integrations.

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Earnings History and Estimates for ON24 (NYSE:ONTF)

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