ON24 (NYSE:ONTF) Updates FY 2024 Earnings Guidance

ON24 (NYSE:ONTF) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.030-0.070 for the period, compared to the consensus earnings per share 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.

Wall Street Analyst Weigh In

ONTF has been the subject of several recent analyst reports. Canaccord Genuity Group decreased 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. Needham & Company LLC reiterated a hold rating on shares of ON24 in a research note on Wednesday.

ON24 Price Performance

Shares of ONTF stock remained flat at $6.32 on Friday. 131,522 shares of the company were exchanged, compared to its average volume of 217,062. The stock’s 50-day simple moving average is $6.81 and its two-hundred day simple moving average is $7.13. The stock has a market capitalization of $264.37 million, a P/E ratio of -5.49 and a beta of 0.49. ON24 has a 1 year low of $5.73 and a 1 year high of $9.09.

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

Insider Buying and Selling at ON24

In other ON24 news, Director Dominique Trempont sold 4,250 shares of the 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 sale, the director now owns 287,185 shares of the company’s stock, valued at approximately $2,331,942.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Dominique Trempont sold 4,250 shares of ON24 stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $8.12, for a total value of $34,510.00. Following the sale, the director now directly owns 287,185 shares in the company, valued at $2,331,942.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO James Blackie sold 17,899 shares of ON24 stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $8.15, for a total value of $145,876.85. Following the transaction, the executive now directly owns 286,320 shares of the company’s stock, valued at $2,333,508. The disclosure for this sale can be found here. Insiders sold a total of 88,570 shares of company stock worth $648,511 in the last three months. 27.30% of the stock is owned by corporate 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.