ON24 (NYSE:ONTF) Earns Hold Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of ON24 (NYSE:ONTF - Free Report) in a research report released on Friday,Benzinga reports.

Separately, JPMorgan Chase & Co. cut their price objective on shares of ON24 from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, August 7th.

ON24 Stock Performance

NYSE ONTF traded up $0.07 on Friday, reaching $6.58. 132,732 shares of the stock traded hands, compared to its average volume of 175,572. ON24 has a 12 month low of $5.37 and a 12 month high of $8.35. The company has a fifty day moving average price of $6.17 and a 200-day moving average price of $6.18. The company has a market cap of $273.26 million, a price-to-earnings ratio of -6.32 and a beta of 0.46.

ON24 (NYSE:ONTF - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.10). The business had revenue of $37.35 million for the quarter, compared to the consensus estimate of $36.31 million. ON24 had a negative net margin of 28.14% and a negative return on equity of 21.81%. As a group, research analysts anticipate that ON24 will post -0.73 earnings per share for the current fiscal year.

Insider Activity

In other news, CRO James Blackie sold 4,376 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $6.35, for a total value of $27,787.60. Following the completion of the transaction, the executive now directly owns 437,161 shares in the company, valued at $2,775,972.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Sharat Sharan sold 37,965 shares of the company's stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $6.22, for a total value of $236,142.30. Following the completion of the transaction, the insider now owns 3,087,478 shares of the company's stock, valued at approximately $19,204,113.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO James Blackie sold 4,376 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $6.35, for a total value of $27,787.60. Following the transaction, the executive now owns 437,161 shares in the company, valued at $2,775,972.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 124,887 shares of company stock valued at $772,313 over the last ninety days. 32.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its holdings in ON24 by 19.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,477 shares of the company's stock worth $81,000 after acquiring an additional 2,158 shares in the last quarter. Quadrature Capital Ltd increased its stake in shares of ON24 by 8.9% during the first quarter. Quadrature Capital Ltd now owns 29,353 shares of the company's stock worth $209,000 after purchasing an additional 2,401 shares in the last quarter. Cubist Systematic Strategies LLC raised its position in shares of ON24 by 8.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 65,690 shares of the company's stock worth $395,000 after purchasing an additional 5,337 shares during the last quarter. SG Americas Securities LLC purchased a new position in ON24 in the 3rd quarter valued at about $62,000. Finally, Marshall Wace LLP acquired a new stake in ON24 in the 2nd quarter worth about $72,000. 83.93% of the stock is owned by institutional investors and hedge funds.

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.