ON24 (NYSE:ONTF) Updates FY 2024 Earnings Guidance

ON24 (NYSE:ONTF) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 0.080-0.100 for the period, compared to the consensus EPS 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.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of ON24 from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of ON24 in a report on Wednesday, August 7th.

ON24 Stock Performance

Shares of ONTF stock traded down $0.12 during mid-day trading on Thursday, reaching $6.51. 92,314 shares of the company were exchanged, compared to its average volume of 175,769. The company has a market capitalization of $270.35 million, a P/E ratio of -6.42 and a beta of 0.46. ON24 has a fifty-two week low of $5.37 and a fifty-two week high of $8.35. The business’s 50 day simple moving average is $6.17 and its 200 day simple moving average is $6.17.

ON24 (NYSE:ONTF) last issued its earnings results on Tuesday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.10). ON24 had a negative return on equity of 21.81% and a negative net margin of 28.14%. The business had revenue of $37.35 million for the quarter, compared to analyst estimates of $36.31 million. On average, analysts forecast that ON24 will post -0.73 EPS for the current year.

Insider Buying and Selling at ON24

In related news, insider Sharat Sharan sold 17,750 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $6.13, for a total value of $108,807.50. Following the completion of the transaction, the insider now directly owns 3,069,728 shares of the company’s stock, valued at $18,817,432.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Sharat Sharan sold 17,750 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $6.13, for a total transaction of $108,807.50. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Steven Vattuone sold 7,094 shares of ON24 stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $5.86, for a total transaction of $41,570.84. Following the transaction, the chief financial officer now owns 542,974 shares in the company, valued at approximately $3,181,827.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 124,887 shares of company stock worth $772,313. 32.30% of the stock is owned by 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.