ON24 (NYSE:ONTF) Updates FY 2022 Earnings Guidance

ON24 (NYSE:ONTFGet Rating) updated its FY 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of -$0.64–$0.58 for the period, compared to the consensus earnings per share estimate of -$0.60. The company issued revenue guidance of $191.00 million-$195.00 million, compared to the consensus revenue estimate of $201.89 million.ON24 also updated its Q2 2022 guidance to -$0.17–$0.15 EPS.

Shares of ONTF stock opened at $11.90 on Tuesday. The stock has a 50-day simple moving average of $12.87 and a 200 day simple moving average of $14.90. The stock has a market capitalization of $557.50 million, a P/E ratio of -15.45 and a beta of -0.06. ON24 has a fifty-two week low of $8.54 and a fifty-two week high of $41.33.

ON24 (NYSE:ONTFGet Rating) last posted its quarterly earnings data on Monday, February 28th. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $51.53 million. During the same quarter last year, the firm posted $0.50 EPS. Sell-side analysts expect that ON24 will post -1.39 EPS for the current year.

A number of brokerages have recently commented on ONTF. Zacks Investment Research lowered ON24 from a hold rating to a sell rating in a research note on Saturday. Needham & Company LLC downgraded shares of ON24 from a buy rating to a hold rating in a research report on Wednesday, May 11th. Robert W. Baird downgraded shares of ON24 from an outperform rating to a neutral rating and set a $18.00 price target for the company. in a research report on Tuesday, March 1st. KeyCorp decreased their target price on ON24 from $24.00 to $20.00 and set an overweight rating for the company in a research report on Tuesday, March 1st. Finally, William Blair lowered ON24 from an outperform rating to a market perform rating in a research report on Tuesday, March 1st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $22.43.

In related news, insider Goldman Sachs Group Inc sold 25,000 shares of the business’s stock in a transaction on Friday, March 4th. The shares were sold at an average price of $12.76, for a total transaction of $319,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO James Blackie sold 2,706 shares of the firm’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $11.25, for a total transaction of $30,442.50. Following the completion of the sale, the executive now owns 214,817 shares in the company, valued at $2,416,691.25. The disclosure for this sale can be found here. Insiders have sold a total of 130,257 shares of company stock worth $1,662,891 in the last 90 days.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. American International Group Inc. grew its stake in shares of ON24 by 191.8% in the 3rd quarter. American International Group Inc. now owns 14,722 shares of the company’s stock valued at $294,000 after purchasing an additional 9,676 shares during the period. Hsbc Holdings PLC boosted its stake in shares of ON24 by 4.6% in the 1st quarter. Hsbc Holdings PLC now owns 21,914 shares of the company’s stock valued at $287,000 after purchasing an additional 968 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of ON24 in the 1st quarter worth about $276,000. The Manufacturers Life Insurance Company increased its position in shares of ON24 by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 14,864 shares of the company’s stock worth $258,000 after purchasing an additional 691 shares in the last quarter. Finally, Millennium Management LLC bought a new position in ON24 during the 2nd quarter valued at about $218,000. Institutional investors and hedge funds 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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