ON24 (NYSE:ONTF) Releases FY 2024 Earnings Guidance

ON24 (NYSE:ONTF) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.080-0.100 for the period, compared to the consensus earnings per share estimate of 0.070. The company issued revenue guidance of $146.8 million-$147.8 million, compared to the consensus revenue estimate of $146.3 million. ON24 also updated its Q4 2024 guidance to 0.010-0.020 EPS.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ONTF. JPMorgan Chase & Co. cut their target price on shares of ON24 from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of ON24 in a research report on Friday.

ON24 Stock Performance

Shares of ON24 stock traded up $0.07 during midday trading on Friday, reaching $6.58. 132,743 shares of the company’s stock traded hands, compared to its average volume of 89,657. The stock has a 50 day moving average of $6.18 and a 200-day moving average of $6.17. ON24 has a 12 month low of $5.37 and a 12 month high of $8.35. The company has a market cap of $273.27 million, a PE ratio of -6.39 and a beta of 0.46.

Insiders Place Their Bets

In other news, CFO Steven Vattuone sold 5,216 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $6.35, for a total value of $33,121.60. Following the completion of the transaction, the chief financial officer now owns 563,567 shares in the company, valued at $3,578,650.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Sharat Sharan sold 17,750 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $6.13, for a total value of $108,807.50. Following the transaction, the insider now owns 3,069,728 shares in the company, valued at $18,817,432.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Steven Vattuone sold 5,216 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $6.35, for a total transaction of $33,121.60. Following the sale, the chief financial officer now owns 563,567 shares of the company’s stock, valued at approximately $3,578,650.45. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,178 shares of company stock worth $787,227. 32.30% of the stock is currently owned by corporate insiders.

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.