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

Needham & Company LLC reissued their hold rating on shares of ON24 (NYSE:ONTF) in a research report released on Wednesday morning, 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 Price Performance

ON24 stock opened at $6.47 on Wednesday. The stock has a market cap of $270.43 million, a PE ratio of -5.62 and a beta of 0.49. The stock’s fifty day moving average is $6.82 and its two-hundred day moving average is $7.14. ON24 has a 1-year low of $5.73 and a 1-year high of $9.55.

ON24 (NYSE:ONTF) last issued its quarterly earnings data on Thursday, February 22nd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.25). The firm 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 period in the previous year, the business posted ($0.23) EPS. On average, research analysts expect that ON24 will post -0.6 earnings per share for the current fiscal year.

Insider Transactions at ON24

In related news, insider Sharat Sharan sold 21,465 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $6.73, for a total transaction of $144,459.45. Following the sale, the insider now directly owns 3,102,983 shares in the company, valued at approximately $20,883,075.59. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Dominique Trempont sold 4,250 shares of ON24 stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $8.12, for a total value of $34,510.00. Following the completion of the transaction, the director now directly owns 287,185 shares in the company, valued at $2,331,942.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sharat Sharan sold 21,465 shares of the company’s 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 sale, the insider now directly owns 3,102,983 shares in the company, valued at $20,883,075.59. The disclosure for this sale can be found here. Insiders sold 88,570 shares of company stock valued at $648,511 over the last 90 days. Corporate insiders own 27.30% of the company’s stock.

Institutional Investors Weigh In On ON24

Several large investors have recently added to or reduced their stakes in ONTF. Circumference Group LLC bought a new stake in shares of ON24 during the fourth quarter valued at about $2,303,000. Los Angeles Capital Management LLC lifted its stake in shares of ON24 by 413.1% in 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 during the period. Horrell Capital Management Inc. boosted its holdings in shares of ON24 by 32.5% in the first 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 in the last quarter. Trexquant Investment LP bought a new stake in shares of ON24 in the 4th quarter worth $577,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in ON24 during the first quarter valued at about $461,000. 83.93% of the stock is owned by institutional investors and hedge funds.

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.