ON24 (NYSE:ONTF) Updates FY 2024 Earnings Guidance

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

ON24 Price Performance

Shares of ONTF stock traded down $0.14 on Thursday, reaching $6.32. 245,893 shares of the stock were exchanged, compared to its average volume of 218,179. ON24 has a one year low of $5.73 and a one year high of $9.55. The stock has a market cap of $264.16 million, a PE ratio of -5.50 and a beta of 0.49. The stock has a 50 day moving average price of $6.82 and a 200 day moving average price of $7.14.

ON24 (NYSE:ONTF) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.23) EPS 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 firm had revenue of $39.34 million during the quarter, compared to analyst estimates of $37.29 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. On average, research analysts expect that ON24 will post -0.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on ONTF shares. Canaccord Genuity Group reduced their price target on ON24 from $10.00 to $9.00 and set a hold rating on the stock in a research report on Friday, February 23rd. Needham & Company LLC restated a hold rating on shares of ON24 in a report on Wednesday.

Insider Transactions at ON24

In other ON24 news, CFO Steven Vattuone sold 10,376 shares of ON24 stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $8.15, for a total value of $84,564.40. Following the transaction, the chief financial officer now owns 396,398 shares of the company’s stock, valued at $3,230,643.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Sharat Sharan sold 21,465 shares of ON24 stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $6.73, for a total value of $144,459.45. Following the sale, the insider now directly owns 3,102,983 shares in the company, valued at $20,883,075.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Steven Vattuone sold 10,376 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $8.15, for a total transaction of $84,564.40. Following the transaction, the chief financial officer now owns 396,398 shares of the company’s stock, valued at approximately $3,230,643.70. The disclosure for this sale can be found here. Insiders have sold a total of 88,570 shares of company stock valued at $648,511 over the last 90 days. 27.30% of the stock is owned by company insiders.

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.