ON24 (NYSE:ONTF) Announces Quarterly Earnings Results

ON24 (NYSE:ONTF) posted its quarterly earnings results on Wednesday. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.13), Zacks reports. ON24 had a negative net margin of 22.09% and a negative return on equity of 18.61%.

ON24 Stock Performance

Shares of NYSE:ONTF traded up $0.11 during trading on Wednesday, hitting $8.03. The company’s stock had a trading volume of 592,751 shares, compared to its average volume of 472,212. The company has a market capitalization of $341.77 million, a PE ratio of -10.84 and a beta of 0.61. ON24 has a fifty-two week low of $4.35 and a fifty-two week high of $8.10. The business has a 50 day moving average price of $7.57 and a two-hundred day moving average price of $6.26.

Insider Buying and Selling

In other ON24 news, CFO Steven Vattuone sold 80,000 shares of the company’s stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $7.98, for a total transaction of $638,400.00. Following the sale, the chief financial officer owned 452,654 shares in the company, valued at $3,612,178.92. This represents a 15.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sharat Sharan sold 50,332 shares of the business’s stock in a transaction dated Wednesday, December 31st. The stock was sold at an average price of $7.97, for a total value of $401,146.04. Following the transaction, the insider directly owned 3,622,559 shares of the company’s stock, valued at approximately $28,871,795.23. This represents a 1.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 293,081 shares of company stock valued at $2,095,009. Company insiders own 33.00% of the company’s stock.

Hedge Funds Weigh In On ON24

Large investors have recently bought and sold shares of the stock. Trexquant Investment LP raised its position in ON24 by 1.0% in the fourth quarter. Trexquant Investment LP now owns 156,670 shares of the company’s stock worth $1,247,000 after acquiring an additional 1,489 shares in the last quarter. AQR Capital Management LLC boosted its holdings in ON24 by 1.7% during the fourth quarter. AQR Capital Management LLC now owns 112,146 shares of the company’s stock worth $893,000 after buying an additional 1,908 shares in the last quarter. MetLife Investment Management LLC grew its position in ON24 by 17.0% during the fourth quarter. MetLife Investment Management LLC now owns 17,696 shares of the company’s stock worth $141,000 after buying an additional 2,575 shares during the period. Public Employees Retirement System of Ohio lifted its position in shares of ON24 by 22.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 14,942 shares of the company’s stock valued at $85,000 after acquiring an additional 2,700 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of ON24 by 24.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,487 shares of the company’s stock worth $111,000 after acquiring an additional 4,004 shares during the period. Institutional investors and hedge funds own 83.93% of the company’s stock.

Analyst Upgrades and Downgrades

ONTF has been the subject of a number of research analyst reports. Robert W. Baird increased their price target on ON24 from $6.00 to $8.10 and gave the stock a “neutral” rating in a report on Friday, January 2nd. Wall Street Zen upgraded shares of ON24 from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ON24 in a research report on Thursday, January 22nd. Finally, Canaccord Genuity Group boosted their target price on ON24 from $6.00 to $8.10 and gave the company a “hold” rating in a research report on Wednesday, December 31st. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, ON24 has a consensus rating of “Reduce” and an average target price of $7.40.

About ON24

ON24, Inc (NYSE: ONTF) is a cloud-based digital experience platform that enables organizations to create, manage and optimize virtual events, webinars and multimedia content. The company’s technology is designed to facilitate interactive, data-driven engagement between enterprises and their audiences, supporting demand generation, lead nurturing, corporate communications and training initiatives.

At the core of ON24’s offering is its webinar and virtual event solution, which provides live and on-demand webcasting, attendee interaction tools and real-time analytics.