ON24 (NYSE:ONTF) Lifted to “Hold” at Zacks Investment Research

ON24 (NYSE:ONTFGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “ON24 Inc. provides cloud-based digital experience platform. The company’s platform portfolio of interactive, personalized and content-rich digital experience products creates and captures actionable, real-time data at scale. ON24 Inc. is based in San Francisco, United States. “

A number of other research analysts also recently commented on ONTF. Needham & Company LLC downgraded ON24 from a “buy” rating to a “hold” rating in a research note on Wednesday, May 11th. Robert W. Baird downgraded ON24 from an “outperform” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research note on Tuesday, March 1st. KeyCorp lowered their price objective on ON24 from $24.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, March 1st. Piper Sandler cut ON24 from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $25.00 to $17.00 in a research note on Tuesday, March 1st. Finally, William Blair cut ON24 from an “outperform” rating to a “market perform” rating in a research note on Tuesday, March 1st. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, ON24 currently has a consensus rating of “Hold” and a consensus price target of $22.43.

ONTF stock opened at $12.50 on Tuesday. The firm has a market cap of $585.61 million, a P/E ratio of -16.23 and a beta of -0.07. ON24 has a 12-month low of $8.54 and a 12-month high of $41.33. The stock’s 50 day simple moving average is $12.58 and its 200 day simple moving average is $14.54.

ON24 (NYSE:ONTFGet Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.02. The firm had revenue of $48.49 million during the quarter, compared to the consensus estimate of $47.44 million. ON24 had a negative return on equity of 10.44% and a negative net margin of 18.27%. On average, equities research analysts forecast that ON24 will post -1.39 earnings per share for the current fiscal year.

In other news, CFO Steven Vattuone sold 2,551 shares of the company’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $11.25, for a total value of $28,698.75. Following the completion of the sale, the chief financial officer now owns 230,330 shares in the company, valued at $2,591,212.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO James Blackie sold 2,706 shares of the company’s stock in a transaction on Friday, May 20th. The shares were sold at an average price of $11.25, for a total value of $30,442.50. Following the completion of the sale, the executive now owns 214,817 shares of the company’s stock, valued at approximately $2,416,691.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 85,621 shares of company stock valued at $1,073,460. Insiders own 12.40% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company increased its position in ON24 by 4.9% in 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 during the last quarter. Rhumbline Advisers increased its position in ON24 by 3.0% in the 4th quarter. Rhumbline Advisers now owns 24,453 shares of the company’s stock worth $424,000 after purchasing an additional 709 shares during the last quarter. Hsbc Holdings PLC increased its position in ON24 by 4.6% in the 1st quarter. Hsbc Holdings PLC now owns 21,914 shares of the company’s stock worth $287,000 after purchasing an additional 968 shares during the last quarter. Legal & General Group Plc increased its position in ON24 by 13.3% in the 4th quarter. Legal & General Group Plc now owns 10,840 shares of the company’s stock worth $188,000 after purchasing an additional 1,275 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in ON24 by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 93,555 shares of the company’s stock worth $1,230,000 after purchasing an additional 1,620 shares during the last quarter. 70.24% of the stock is owned by hedge funds and other institutional investors.

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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