ON24 (NYSE:ONTF) Issues FY 2024 Earnings Guidance

ON24 (NYSE:ONTF) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 0.030-0.070 for the period, compared to the consensus EPS 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.

Analyst Ratings Changes

Separately, Canaccord Genuity Group decreased their price target 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

NYSE:ONTF opened at $6.76 on Wednesday. The business has a fifty day moving average of $6.84 and a 200-day moving average of $7.14. ON24 has a 1 year low of $5.73 and a 1 year high of $9.55. The stock has a market cap of $282.77 million, a price-to-earnings ratio of -5.88 and a beta of 0.49.

ON24 (NYSE:ONTF) last announced its earnings results on Thursday, February 22nd. The company reported ($0.23) earnings per share 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 firm had revenue of $39.34 million for the quarter, compared to the consensus estimate of $37.29 million. During the same period in the prior year, the business earned ($0.23) EPS. On average, equities research analysts predict that ON24 will post -0.6 EPS for the current year.

Insider Activity at ON24

In related news, CFO Steven Vattuone sold 9,314 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $6.62, for a total transaction of $61,658.68. Following the completion of the transaction, the chief financial officer now owns 364,189 shares of the company’s stock, valued at $2,410,931.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other ON24 news, CFO Steven Vattuone sold 9,314 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $6.62, for a total transaction of $61,658.68. Following the completion of the sale, the chief financial officer now directly owns 364,189 shares in the company, valued at approximately $2,410,931.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO James Blackie sold 17,899 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $8.15, for a total value of $145,876.85. Following the sale, the executive now owns 286,320 shares of the company’s stock, valued at $2,333,508. The disclosure for this sale can be found here. Insiders sold 88,970 shares of company stock valued at $651,711 over the last 90 days. 27.30% of the stock is currently owned by corporate 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.