ON24 (NYSE:ONTF) Issues Q2 2024 Earnings Guidance

ON24 (NYSE:ONTF) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.000-0.020 for the period, compared to the consensus estimate of 0.010. The company issued revenue guidance of $35.8 million-$36.8 million, compared to the consensus revenue estimate of $36.2 million. ON24 also updated its FY 2024 guidance to 0.030-0.070 EPS.

Wall Street Analysts Forecast Growth

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

ON24 Trading Down 2.2 %

Shares of NYSE:ONTF traded down $0.14 on Thursday, reaching $6.32. 245,893 shares of the company traded hands, compared to its average volume of 218,179. ON24 has a 52 week low of $5.73 and a 52 week high of $9.55. The business’s 50-day simple moving average is $6.82 and its 200 day simple moving average is $7.14. The stock has a market capitalization of $264.16 million, a P/E ratio of -5.50 and a beta of 0.49.

ON24 (NYSE:ONTF) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $39.34 million for the quarter, compared to the consensus estimate of $37.29 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. Sell-side analysts expect that ON24 will post -0.6 EPS for the current fiscal year.

Insider Activity at ON24

In other ON24 news, CFO Steven Vattuone sold 10,376 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now owns 396,398 shares of the company’s stock, valued at approximately $3,230,643.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Steven Vattuone sold 10,376 shares of ON24 stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $8.15, for a total value of $84,564.40. Following the sale, the chief financial officer now directly owns 396,398 shares in the company, valued at approximately $3,230,643.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CRO James Blackie sold 17,899 shares of the company’s 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 $145,876.85. Following the transaction, the executive now owns 286,320 shares of the company’s stock, valued at approximately $2,333,508. The disclosure for this sale can be found here. Insiders sold 88,570 shares of company stock worth $648,511 in the last three months. 27.30% of the stock is owned by 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.