ON24 (NYSE:ONTF) Releases FY 2024 Earnings Guidance

ON24 (NYSE:ONTF) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.030-0.070 for the period, compared to the consensus estimate of 0.050. The company issued revenue guidance of $143.0 million-$147.0 million, compared to the consensus revenue estimate of $144.9 million. ON24 also updated its Q2 2024 guidance to 0.000-0.020 EPS.

ON24 Stock Performance

ONTF stock remained flat at $6.32 during trading on Friday. 131,522 shares of the company traded hands, compared to its average volume of 217,062. ON24 has a 12-month low of $5.73 and a 12-month high of $9.09. The stock has a 50 day moving average of $6.81 and a 200 day moving average of $7.13. The stock has a market cap of $264.37 million, a PE ratio of -5.49 and a beta of 0.49.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ONTF. Needham & Company LLC restated a hold rating on shares of ON24 in a research report on Wednesday. Canaccord Genuity Group reduced their price target on shares of ON24 from $10.00 to $9.00 and set a hold rating on the stock in a research report on Friday, February 23rd.

Insider Buying and Selling at ON24

In related news, CFO Steven Vattuone sold 10,376 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $8.15, for a total transaction of $84,564.40. Following the completion of the sale, the chief financial officer now owns 396,398 shares in the company, valued at $3,230,643.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other ON24 news, insider Jayesh Sahasi sold 20,151 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $7.11, for a total value of $143,273.61. Following the sale, the insider now owns 587,741 shares in the company, valued at approximately $4,178,838.51. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Steven Vattuone sold 10,376 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $8.15, for a total value of $84,564.40. Following the transaction, the chief financial officer now owns 396,398 shares in the company, valued at approximately $3,230,643.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 88,570 shares of company stock valued at $648,511. 27.30% of the stock is owned by company insiders.

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.