ON24 (NYSE:ONTF) Given “Hold” Rating at Needham & Company LLC

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

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

ON24 Trading Down 1.3 %

ONTF stock opened at $6.76 on Wednesday. The company has a market cap of $282.77 million, a price-to-earnings ratio of -5.88 and a beta of 0.49. The firm has a 50-day moving average of $6.84 and a two-hundred day moving average of $7.14. ON24 has a 12 month low of $5.73 and a 12 month high of $9.55.

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

Insider Activity at ON24

In related news, insider Sharat Sharan sold 21,465 shares of ON24 stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $6.73, for a total value of $144,459.45. Following the completion of the transaction, the insider now owns 3,102,983 shares in the company, valued at $20,883,075.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Steven Vattuone sold 10,376 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 $84,564.40. Following the sale, the chief financial officer now owns 396,398 shares of the company’s stock, valued at $3,230,643.70. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Sharat Sharan sold 21,465 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $6.73, for a total transaction of $144,459.45. Following the transaction, the insider now owns 3,102,983 shares of the company’s stock, valued at approximately $20,883,075.59. The disclosure for this sale can be found here. In the last quarter, insiders sold 88,970 shares of company stock worth $651,711. Insiders own 27.30% of the company’s stock.

Institutional Investors Weigh In On ON24

Several institutional investors have recently modified their holdings of ONTF. Circumference Group LLC purchased a new position in ON24 in the fourth quarter valued at $2,303,000. Los Angeles Capital Management LLC boosted its position in shares of ON24 by 413.1% during the 1st quarter. Los Angeles Capital Management LLC now owns 244,032 shares of the company’s stock worth $1,742,000 after acquiring an additional 196,472 shares in the last quarter. Horrell Capital Management Inc. increased its holdings in shares of ON24 by 32.5% in the 1st 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. Trexquant Investment LP acquired a new stake in shares of ON24 during the 4th quarter worth about $577,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in ON24 during the first quarter worth approximately $461,000. 83.93% of the stock is 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.