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

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

Separately, JPMorgan Chase & Co. reduced their target price on shares of ON24 from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th.

ON24 Stock Performance

Shares of ONTF opened at $6.51 on Friday. The business’s fifty day moving average price is $6.17 and its two-hundred day moving average price is $6.18. The firm has a market capitalization of $270.35 million, a price-to-earnings ratio of -6.32 and a beta of 0.46. ON24 has a 52 week low of $5.37 and a 52 week high of $8.35.

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

Insider Buying and Selling at ON24

In other news, insider Jayesh Sahasi sold 4,468 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $6.35, for a total value of $28,371.80. Following the completion of the sale, the insider now directly owns 727,913 shares of the company’s stock, valued at $4,622,247.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Jayesh Sahasi sold 4,468 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $6.35, for a total value of $28,371.80. Following the completion of the transaction, the insider now owns 727,913 shares of the company’s stock, valued at $4,622,247.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Steven Vattuone sold 5,216 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $6.35, for a total transaction of $33,121.60. Following the completion of the sale, the chief financial officer now owns 563,567 shares of the company’s stock, valued at approximately $3,578,650.45. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 124,887 shares of company stock valued at $772,313. 32.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ON24

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of ON24 by 2.1% during the first 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 period. Dimensional Fund Advisors LP grew its stake in shares of ON24 by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,469,318 shares of the company’s stock worth $8,830,000 after acquiring an additional 22,577 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of ON24 by 12.9% in the second quarter. Renaissance Technologies LLC now owns 726,434 shares of the company’s stock valued at $4,366,000 after purchasing an additional 83,000 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of 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 purchasing an additional 90,058 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in ON24 by 14.5% during the second quarter. Bank of New York Mellon Corp now owns 98,089 shares of the company’s stock worth $590,000 after purchasing an additional 12,400 shares during the last quarter. 83.93% of the stock is currently 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.