ON24 (NYSE:ONTF) Receives “Hold” Rating from Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of ON24 (NYSE:ONTF) in a research report released on Wednesday morning, Benzinga reports.

Separately, Canaccord Genuity Group decreased their target price on ON24 from $10.00 to $9.00 and set a hold rating on the stock in a research report on Friday, February 23rd.

ON24 Stock Down 4.4 %

ONTF stock opened at $6.47 on Wednesday. The company has a market cap of $270.43 million, a PE ratio of -5.62 and a beta of 0.49. ON24 has a 52 week low of $5.73 and a 52 week high of $9.55. The business has a 50-day simple moving average of $6.82 and a 200 day simple moving average of $7.14.

ON24 (NYSE:ONTF) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.25). The firm had revenue of $39.34 million for the quarter, compared to analyst estimates of $37.29 million. ON24 had a negative return on equity of 18.49% and a negative net margin of 31.63%. During the same quarter in the prior year, the business posted ($0.23) EPS. On average, analysts anticipate that ON24 will post -0.6 EPS for the current fiscal year.

Insider Activity

In other news, Director Dominique Trempont sold 4,250 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $8.12, for a total transaction of $34,510.00. Following the sale, the director now directly owns 287,185 shares in the company, valued at $2,331,942.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other ON24 news, insider Sharat Sharan sold 21,465 shares of ON24 stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $6.73, for a total transaction of $144,459.45. Following the transaction, the insider now directly owns 3,102,983 shares of the company’s stock, valued at approximately $20,883,075.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dominique Trempont sold 4,250 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $8.12, for a total value of $34,510.00. Following the completion of the sale, the director now directly owns 287,185 shares of the company’s stock, valued at approximately $2,331,942.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,570 shares of company stock worth $648,511. Insiders own 27.30% of the company’s stock.

Institutional Trading of ON24

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ONTF. Circumference Group LLC acquired a new stake in shares of ON24 during the fourth quarter worth $2,303,000. Los Angeles Capital Management LLC raised its position in shares of ON24 by 413.1% in the 1st quarter. Los Angeles Capital Management LLC now owns 244,032 shares of the company’s stock worth $1,742,000 after acquiring an additional 196,472 shares in the last quarter. Horrell Capital Management Inc. raised its position in shares of ON24 by 32.5% in the 1st quarter. Horrell Capital Management Inc. now owns 387,196 shares of the company’s stock worth $2,765,000 after acquiring an additional 95,000 shares in the last quarter. Trexquant Investment LP bought a new stake in shares of ON24 during the 4th quarter valued at about $577,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of ON24 during the 1st quarter valued at about $461,000. Institutional investors and hedge funds own 83.93% of the company’s stock.

About ON24

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.