ON24 (NYSE:ONTF) Issues Earnings Results, Misses Estimates By $0.13 EPS

ON24 (NYSE:ONTF) posted its quarterly earnings results on Wednesday. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.13), Zacks reports. ON24 had a negative return on equity of 18.61% and a negative net margin of 22.09%.

ON24 Trading Up 1.3%

ON24 stock traded up $0.11 during midday trading on Wednesday, reaching $8.03. The stock had a trading volume of 592,751 shares, compared to its average volume of 472,212. The company has a fifty day moving average price of $7.57 and a two-hundred day moving average price of $6.26. ON24 has a 12 month low of $4.35 and a 12 month high of $8.10. The company has a market capitalization of $341.77 million, a P/E ratio of -10.84 and a beta of 0.61.

Insider Transactions at ON24

In other ON24 news, insider Sharat Sharan sold 50,332 shares of ON24 stock in a transaction dated Wednesday, December 31st. The stock was sold at an average price of $7.97, for a total transaction of $401,146.04. Following the completion of the transaction, the insider owned 3,622,559 shares in the company, valued at approximately $28,871,795.23. The trade was a 1.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jayesh Sahasi sold 34,753 shares of the company’s stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $7.98, for a total value of $277,328.94. Following the sale, the insider owned 672,527 shares of the company’s stock, valued at $5,366,765.46. This trade represents a 4.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 293,081 shares of company stock worth $2,095,009. 33.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Trexquant Investment LP raised its stake in ON24 by 1.0% in the 4th quarter. Trexquant Investment LP now owns 156,670 shares of the company’s stock valued at $1,247,000 after acquiring an additional 1,489 shares during the period. AQR Capital Management LLC raised its position in shares of ON24 by 1.7% in the fourth quarter. AQR Capital Management LLC now owns 112,146 shares of the company’s stock valued at $893,000 after purchasing an additional 1,908 shares during the period. MetLife Investment Management LLC lifted its stake in shares of ON24 by 17.0% during the 4th quarter. MetLife Investment Management LLC now owns 17,696 shares of the company’s stock valued at $141,000 after buying an additional 2,575 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of ON24 by 22.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 14,942 shares of the company’s stock valued at $85,000 after buying an additional 2,700 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in ON24 by 24.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,487 shares of the company’s stock worth $111,000 after buying an additional 4,004 shares during the period. Hedge funds and other institutional investors own 83.93% of the company’s stock.

Wall Street Analyst Weigh In

ONTF has been the subject of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of ON24 in a research note on Thursday, January 22nd. Canaccord Genuity Group lifted their price target on ON24 from $6.00 to $8.10 and gave the company a “hold” rating in a research note on Wednesday, December 31st. Wall Street Zen upgraded ON24 from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Finally, Robert W. Baird raised their price target on shares of ON24 from $6.00 to $8.10 and gave the stock a “neutral” rating in a report on Friday, January 2nd. Five analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ON24 has a consensus rating of “Reduce” and a consensus target price of $7.40.

ON24 Company Profile

ON24, Inc (NYSE: ONTF) is a cloud-based digital experience platform that enables organizations to create, manage and optimize virtual events, webinars and multimedia content. The company’s technology is designed to facilitate interactive, data-driven engagement between enterprises and their audiences, supporting demand generation, lead nurturing, corporate communications and training initiatives.

At the core of ON24’s offering is its webinar and virtual event solution, which provides live and on-demand webcasting, attendee interaction tools and real-time analytics.