ON24 (NYSE:ONTF) Issues FY 2024 Earnings Guidance

ON24 (NYSE:ONTF) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 0.030-0.070 for the period, compared to the consensus EPS estimate of 0.050. The company issued revenue guidance of $143.0 million-$147.0 million, compared to the consensus revenue estimate of $144.9 million. ON24 also updated its Q2 2024 guidance to 0.000-0.020 EPS.

Analysts Set New Price Targets

ONTF has been the subject of a number of recent analyst reports. Needham & Company LLC restated a hold rating on shares of ON24 in a research note on Wednesday. Canaccord Genuity Group dropped their price target 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 2.2 %

ONTF traded down $0.14 during trading hours on Thursday, hitting $6.32. The company’s stock had a trading volume of 245,893 shares, compared to its average volume of 218,179. ON24 has a fifty-two week low of $5.73 and a fifty-two week high of $9.55. The company has a 50-day simple moving average of $6.82 and a 200 day simple moving average of $7.14. The firm has a market capitalization of $264.16 million, a PE ratio of -5.50 and a beta of 0.49.

ON24 (NYSE:ONTF) last released its earnings results on Thursday, February 22nd. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.25). ON24 had a negative net margin of 31.63% and a negative return on equity of 18.49%. The company had revenue of $39.34 million for the quarter, compared to analyst estimates of $37.29 million. During the same period in the previous year, the business posted ($0.23) EPS. Research analysts expect that ON24 will post -0.6 earnings per share for the current fiscal year.

Insider Activity

In other ON24 news, insider Jayesh Sahasi sold 20,151 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $7.11, for a total value of $143,273.61. Following the transaction, the insider now owns 587,741 shares of the company’s stock, valued at $4,178,838.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Jayesh Sahasi sold 20,151 shares of ON24 stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $7.11, for a total value of $143,273.61. Following the transaction, the insider now owns 587,741 shares of the company’s stock, valued at approximately $4,178,838.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dominique Trempont sold 4,250 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was 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 disclosure for this sale can be found here. In the last quarter, insiders sold 88,570 shares of company stock worth $648,511. Corporate insiders own 27.30% of the company’s stock.

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.