ON24, Inc. (NYSE:ONTF) Expected to Post FY2023 Earnings of ($0.79) Per Share

ON24, Inc. (NYSE:ONTF – Get Rating) – Equities research analysts at William Blair upped their FY2023 earnings per share estimates for shares of ON24 in a research report issued on Sunday, May 21st. William Blair analyst A. Bhatia now anticipates that the company will post earnings per share of ($0.79) for the year, up from their prior estimate of ($0.80). The consensus estimate for ON24’s current full-year earnings is ($0.81) per share. William Blair also issued estimates for ON24’s Q1 2024 earnings at ($0.18) EPS, Q2 2024 earnings at ($0.20) EPS, Q3 2024 earnings at ($0.18) EPS, Q4 2024 earnings at ($0.18) EPS and FY2024 earnings at ($0.75) EPS.

ON24 (NYSE:ONTF – Get Rating) last issued its quarterly earnings results on Tuesday, February 28th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.03. The firm had revenue of $46.57 million during the quarter, compared to analyst estimates of $46.23 million. ON24 had a negative return on equity of 17.04% and a negative net margin of 32.53%.

Separately, Needham & Company LLC reaffirmed a “neutral” rating and set a $9.00 price target on shares of ON24 in a research note on Wednesday, March 1st.

ON24 Stock Performance

Shares of NYSE ONTF opened at $7.51 on Wednesday. The stock has a fifty day moving average price of $8.31 and a two-hundred day moving average price of $8.42. The firm has a market cap of $344.41 million, a P/E ratio of -5.96 and a beta of 0.07. ON24 has a 1 year low of $6.87 and a 1 year high of $13.14.

ON24 Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Thursday, June 15th. Stockholders of record on Monday, May 22nd will be given a dividend of $1.09 per share. The ex-dividend date is Friday, May 19th. This represents a dividend yield of 12.67%.

Insider Activity

In other news, insider Sharat Sharan sold 10,893 shares of the stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $7.86, for a total transaction of $85,618.98. Following the completion of the sale, the insider now owns 2,493,589 shares in the company, valued at approximately $19,599,609.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Dominique Trempont sold 25,000 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $7.79, for a total value of $194,750.00. Following the completion of the sale, the director now owns 291,488 shares in the company, valued at $2,270,691.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sharat Sharan sold 10,893 shares of the stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $7.86, for a total value of $85,618.98. Following the completion of the sale, the insider now owns 2,493,589 shares of the company’s stock, valued at approximately $19,599,609.54. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,114 shares of company stock worth $828,102. Insiders own 12.40% of the company’s stock.

Institutional Trading of ON24

Hedge funds have recently modified their holdings of the business. Signaturefd LLC raised its holdings in shares of ON24 by 77.0% during the fourth quarter. Signaturefd LLC now owns 2,857 shares of the company’s stock worth $25,000 after acquiring an additional 1,243 shares in the last quarter. State of Wyoming acquired a new position in ON24 during the fourth quarter worth $26,000. Quadrant Capital Group LLC increased its position in ON24 by 641.7% during the fourth quarter. Quadrant Capital Group LLC now owns 3,115 shares of the company’s stock worth $27,000 after buying an additional 2,695 shares during the last quarter. UBS Group AG grew its position in shares of ON24 by 229.8% in the second quarter. UBS Group AG now owns 3,225 shares of the company’s stock valued at $31,000 after purchasing an additional 2,247 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of ON24 by 1,092.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,601 shares of the company’s stock valued at $44,000 after purchasing an additional 4,215 shares during the last quarter. Hedge funds and other institutional investors own 78.61% of the company’s stock.

About ON24

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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.