ON24 (NYSE:ONTF) Earns Hold Rating from Needham & Company LLC

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

ON24 Price Performance

ONTF traded up $0.13 during trading on Wednesday, hitting $6.01. The stock had a trading volume of 81,765 shares, compared to its average volume of 200,161. The company has a 50 day moving average price of $5.98 and a 200-day moving average price of $6.65. The firm has a market cap of $251.61 million, a price-to-earnings ratio of -5.79 and a beta of 0.47. ON24 has a one year low of $5.37 and a one year high of $8.35.

ON24 (NYSE:ONTF) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.05). ON24 had a negative return on equity of 19.97% and a negative net margin of 28.35%. The business had revenue of $37.73 million for the quarter, compared to the consensus estimate of $37.00 million. As a group, sell-side analysts predict that ON24 will post -0.63 EPS for the current fiscal year.

Insider Transactions at ON24

In other news, insider Jayesh Sahasi sold 17,731 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $6.03, for a total transaction of $106,917.93. Following the completion of the sale, the insider now directly owns 736,516 shares of the company’s stock, valued at approximately $4,441,191.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other ON24 news, CRO James Blackie sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $6.33, for a total value of $94,950.00. Following the sale, the executive now owns 457,443 shares of the company’s stock, valued at approximately $2,895,614.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jayesh Sahasi sold 17,731 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $6.03, for a total value of $106,917.93. Following the transaction, the insider now directly owns 736,516 shares in the company, valued at $4,441,191.48. The disclosure for this sale can be found here. Insiders have sold 57,679 shares of company stock valued at $348,674 over the last ninety days. 32.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On ON24

A number of large investors have recently bought and sold shares of ONTF. Vanguard Group Inc. grew its position in shares of ON24 by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 2,443,583 shares of the company’s stock worth $17,447,000 after buying an additional 49,498 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in ON24 by 19.2% in the second quarter. Acadian Asset Management LLC now owns 559,602 shares of the company’s stock worth $3,362,000 after acquiring an additional 90,058 shares in the last quarter. Horrell Capital Management Inc. boosted its holdings in ON24 by 32.5% in the first quarter. Horrell Capital Management Inc. now owns 387,196 shares of the company’s stock worth $2,765,000 after acquiring an additional 95,000 shares in the last quarter. Circumference Group LLC bought a new stake in ON24 in the fourth quarter worth $2,303,000. Finally, Los Angeles Capital Management LLC boosted its holdings in ON24 by 413.1% in the first 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. 83.93% of the stock is owned by hedge funds and other institutional investors.

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.