Needham & Company LLC Reiterates Hold Rating for ON24 (NYSE:ONTF)

ON24 (NYSE:ONTF)‘s stock had its “hold” rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued on Friday, Benzinga reports.

Separately, Canaccord Genuity Group lowered their target price on ON24 from $10.00 to $9.00 and set a “hold” rating for the company in a research note on Friday, February 23rd.

ON24 Stock Performance

ON24 stock opened at $6.54 on Friday. The stock has a 50-day simple moving average of $6.78 and a 200 day simple moving average of $7.15. The stock has a market capitalization of $273.83 million, a P/E ratio of -6.29 and a beta of 0.49. ON24 has a 52 week low of $5.73 and a 52 week high of $9.09.

ON24 (NYSE:ONTF) last posted its earnings results on Thursday, February 22nd. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.25). ON24 had a negative return on equity of 19.97% and a negative net margin of 28.35%. The business had revenue of $39.34 million for the quarter, compared to analyst estimates of $37.29 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. Research analysts forecast that ON24 will post -0.63 earnings per share for the current year.

Insider Transactions at ON24

In related news, CRO James Blackie sold 17,899 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $8.15, for a total transaction of $145,876.85. Following the sale, the executive now owns 286,320 shares of the company’s stock, valued at approximately $2,333,508. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CRO James Blackie sold 17,899 shares of the firm’s 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 $145,876.85. Following the completion of the transaction, the executive now owns 286,320 shares in the company, valued at approximately $2,333,508. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jayesh Sahasi sold 20,151 shares of the business’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 transaction of $143,273.61. Following the sale, the insider now directly owns 587,741 shares in the company, valued at $4,178,838.51. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,320 shares of company stock worth $614,001. Corporate insiders own 27.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ONTF. Vanguard Group Inc. boosted its holdings in ON24 by 2.1% in the first quarter. Vanguard Group Inc. now owns 2,443,583 shares of the company’s stock valued at $17,447,000 after acquiring an additional 49,498 shares during the last quarter. Acadian Asset Management LLC raised its stake in ON24 by 856.5% during the first quarter. Acadian Asset Management LLC now owns 469,544 shares of the company’s stock worth $3,351,000 after buying an additional 420,455 shares during the last quarter. Horrell Capital Management Inc. boosted its position in ON24 by 32.5% during the first quarter. Horrell Capital Management Inc. now owns 387,196 shares of the company’s stock valued at $2,765,000 after acquiring an additional 95,000 shares during the last quarter. Circumference Group LLC bought a new position in shares of ON24 in the 4th quarter worth about $2,303,000. Finally, Brandywine Global Investment Management LLC lifted its stake in shares of ON24 by 2.0% in the 3rd quarter. Brandywine Global Investment Management LLC now owns 260,700 shares of the company’s stock valued at $1,650,000 after purchasing an additional 5,100 shares during the period. 83.93% of the stock is owned by institutional investors and hedge funds.

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.