ON24 (NYSE:ONTF) Releases Q2 2022 Earnings Guidance

ON24 (NYSE:ONTFGet Rating) issued an update on its second quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of -$0.17–$0.15 for the period, compared to the consensus estimate of -$0.15. The company issued revenue guidance of $47.00 million-$58.00 million, compared to the consensus revenue estimate of $49.29 million.ON24 also updated its FY 2022 guidance to -$0.64–$0.58 EPS.

Shares of ON24 stock opened at $10.82 on Tuesday. ON24 has a 12-month low of $8.54 and a 12-month high of $41.33. The company has a 50-day moving average of $12.99 and a two-hundred day moving average of $15.12.

ON24 (NYSE:ONTFGet Rating) last issued its earnings results on Monday, February 28th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.05. ON24 had a negative net margin of 18.27% and a negative return on equity of 10.44%. The company had revenue of $52.03 million during the quarter, compared to analysts’ expectations of $51.53 million. During the same period last year, the company posted $0.50 earnings per share. As a group, sell-side analysts predict that ON24 will post -1.31 earnings per share for the current year.

Several research firms have recently commented on ONTF. Piper Sandler lowered shares of ON24 from an overweight rating to a neutral rating and lowered their price target for the company from $25.00 to $17.00 in a research report on Tuesday, March 1st. KeyCorp lowered their price target on shares of ON24 from $24.00 to $20.00 and set an overweight rating on the stock in a research report on Tuesday, March 1st. Zacks Investment Research lowered shares of ON24 from a buy rating to a hold rating in a research report on Thursday, May 12th. William Blair lowered shares of ON24 from an outperform rating to a market perform rating in a research report on Tuesday, March 1st. Finally, Needham & Company LLC lowered shares of ON24 from a buy rating to a hold rating in a research report on Wednesday, May 11th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $22.43.

In related news, insider Goldman Sachs Group Inc sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 2nd. The shares were sold at an average price of $13.39, for a total transaction of $334,750.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 125,000 shares of company stock worth $1,603,750.

Several institutional investors and hedge funds have recently made changes to their positions in ONTF. Morgan Stanley boosted its holdings in shares of ON24 by 265,285.7% in the 2nd quarter. Morgan Stanley now owns 37,154 shares of the company’s stock valued at $1,319,000 after purchasing an additional 37,140 shares during the last quarter. Citadel Advisors LLC acquired a new position in shares of ON24 in the 2nd quarter valued at $401,000. Millennium Management LLC acquired a new position in shares of ON24 in the 2nd quarter valued at $218,000. Royal Bank of Canada boosted its holdings in shares of ON24 by 237.3% in the 3rd quarter. Royal Bank of Canada now owns 3,559 shares of the company’s stock valued at $71,000 after purchasing an additional 2,504 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of ON24 by 167.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 62,160 shares of the company’s stock valued at $1,240,000 after purchasing an additional 38,904 shares during the last quarter. Institutional investors own 70.24% of the company’s stock.

About ON24 (Get Rating)

ON24, Inc provides a cloud-based digital experience platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 Experience products, such as ON24 Elite, a live and interactive webinar experience; ON24 Breakouts, a live breakout room experience that facilitates networking, collaboration and interactivity between users; ON24 Go Live, a live, interactive video event experience that enables presenters and attendees to engage face-to-face in real-time; ON24 Virtual Confrence, a live and large scale virtual event experience; ON24 Engagement Hub, a rich multimedia content experience; and ON24 Target, a personalized and curated rich multimedia content experience, as well as solutions; ON24 Intelligence, an analytics backbone that captures first-person data to power the insights, benchmarking, reporting, and artificial intelligence and machine learning engine; and ON24 Connect, an ecosystem of third-party application integrations.

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