ON24 (NYSE:ONTF) Stock Rating Reaffirmed by Needham & Company LLC

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

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

ON24 Trading Down 1.3 %

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

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

Insider Activity

In related news, Director Dominique Trempont sold 4,250 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $8.12, for a total transaction of $34,510.00. Following the completion of the transaction, the director now owns 287,185 shares of the company’s stock, valued at $2,331,942.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Dominique Trempont sold 4,250 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $8.12, for a total value of $34,510.00. Following the sale, the director now owns 287,185 shares in the company, valued at $2,331,942.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Steven Vattuone sold 5,115 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $6.68, for a total value of $34,168.20. Following the transaction, the chief financial officer now owns 385,534 shares of the company’s stock, valued at $2,575,367.12. The disclosure for this sale can be found here. Insiders have sold a total of 88,970 shares of company stock worth $651,711 over the last ninety days. Company insiders own 27.30% of the company’s stock.

Hedge Funds Weigh In On ON24

Hedge funds and other institutional investors have recently modified their holdings of the company. Horrell Capital Management Inc. raised its stake in shares of ON24 by 14.7% during the third quarter. Horrell Capital Management Inc. now owns 406,196 shares of the company’s stock worth $2,571,000 after acquiring an additional 52,000 shares in the last quarter. Circumference Group LLC purchased a new position in ON24 in the 4th quarter worth $2,303,000. Brandywine Global Investment Management LLC lifted its stake in ON24 by 2.0% in the third quarter. Brandywine Global Investment Management LLC now owns 260,700 shares of the company’s stock worth $1,650,000 after purchasing an additional 5,100 shares during the last quarter. Los Angeles Capital Management LLC boosted its position in ON24 by 413.1% during the first quarter. Los Angeles Capital Management LLC now owns 244,032 shares of the company’s stock valued at $1,742,000 after buying an additional 196,472 shares during the period. Finally, GSA Capital Partners LLP grew its stake in shares of ON24 by 18.3% during the first quarter. GSA Capital Partners LLP now owns 81,771 shares of the company’s stock valued at $584,000 after buying an additional 12,676 shares during the last quarter. 83.93% of the stock is currently owned by hedge funds and other institutional investors.

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.