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

Zacks Investment Research upgraded shares of ON24 (NYSE:ONTF) from a sell rating to a hold rating in a report issued on Wednesday morning, 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. “

ONTF has been the topic of a number of other research reports. William Blair reaffirmed a buy rating on shares of ON24 in a report on Wednesday, November 10th. Needham & Company LLC reduced their price target on shares of ON24 from $40.00 to $25.00 and set a buy rating for the company in a research report on Wednesday, November 10th. Finally, Piper Sandler reduced their price target on shares of ON24 from $40.00 to $25.00 and set an overweight rating for the company in a research report on Wednesday, November 10th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $37.43.

NYSE ONTF opened at $16.64 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.87 and a quick ratio of 3.87. ON24 has a 52-week low of $15.07 and a 52-week high of $81.98. The business’s 50-day moving average price is $16.75 and its 200 day moving average price is $22.74.

ON24 (NYSE:ONTF) last announced its quarterly earnings data on Tuesday, November 9th. The company reported ($0.03) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.17. ON24 had a positive return on equity of 0.84% and a negative net margin of 2.56%. The company had revenue of $49.36 million for the quarter, compared to analyst estimates of $48.07 million. On average, equities analysts forecast that ON24 will post -0.53 EPS for the current year.

In related news, insider Goldman Sachs Group Inc sold 43,838 shares of ON24 stock in a transaction that occurred on Thursday, November 18th. The stock was sold at an average price of $16.86, for a total transaction of $739,108.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jayesh Sahasi sold 32,386 shares of ON24 stock in a transaction that occurred on Monday, October 25th. The stock was sold at an average price of $20.24, for a total value of $655,492.64. The disclosure for this sale can be found here. Insiders have sold a total of 390,577 shares of company stock valued at $6,828,012 over the last 90 days.

A number of hedge funds have recently added to or reduced their stakes in ONTF. Allworth Financial LP purchased a new stake in ON24 in the 3rd quarter worth approximately $35,000. Citigroup Inc. grew its stake in ON24 by 453.7% in the 3rd quarter. Citigroup Inc. now owns 3,311 shares of the company’s stock worth $66,000 after acquiring an additional 2,713 shares during the period. Royal Bank of Canada grew its stake in ON24 by 237.3% in the 3rd quarter. Royal Bank of Canada now owns 3,559 shares of the company’s stock worth $71,000 after acquiring an additional 2,504 shares during the period. Parallel Advisors LLC purchased a new stake in ON24 in the 3rd quarter worth approximately $82,000. Finally, Advisory Services Network LLC purchased a new stake in ON24 in the 2nd quarter worth approximately $131,000. 57.27% of the stock is owned by hedge funds and other institutional investors.

ON24 Company Profile

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 Virtual Environment, 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, including 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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