The company updated its earnings guidance for the second quarter of 2023 on Tuesday morning. The company gave a guidance of 0-0 in terms of earnings per share for the period compared to the consensus estimate of 0 The company provided revenue guidance between $41.10 and $42.10 million, which is lower than the consensus estimate of $41.33million. ON24 updated its FY2023 guidance at -$0.07 to 0 EPS.
ON24 Stock Performance
The stock rose $0.19 to $8.60 during Tuesday's mid-day trading. Stock traded 260,368 more shares than its average of 298,829. The company has a 50-day moving average of 8.34 dollars and a 200-day moving average at $8.44. The company has a $397.41 market cap, a P/E ratio of -7.11, and a beta value of 0.07. The company last released its quarterly results on February 28th. The company's ($0.23) earnings-per-share (EPS) for this quarter exceeded analysts' expectations of ($0.26), by $0.03. ON24 reported a negative return of equity of 17.59% and a net margin of 30.50%. Revenue for the quarter was $46.57m, which is higher than analyst expectations of $46.23m. Research analysts predict that ON24's current fiscal year will have a -0.83 EPS on average.
Wall Street analysts forecast growth
In a separate research note published on March 1st, Needham & Company LLC reiterated a neutral rating on the shares of ON24 and set a price target of $9.00.
Insiders Bet on the Future
On March 15th, 2017, 17,823 shares were sold of ON24. Stock was sold for an average of $7.61 and a value of $135.633.03. The executive owns now 194,178 shares, worth approximately $1,477.694.58. On March 15th, 2017, 17,823 ON24 shares were sold in a single transaction. The shares were sold for an average price $7.61 and a total of $135,633.03. After the completion of this transaction, the executive owns directly 194,178 shares in the company, worth approximately $1,477.694.58. Steven Vattuone, CFO, sold 11,229 ON24 shares in a deal on March 15th. The stock was purchased at $7.61 on average, resulting in a transaction worth $85,452.69. After the completion of this transaction, the chief executive officer owns directly 249,092 of the company's shares, valued at $1.895,590.12. Insiders sold 51,140 shares worth $419 878 of the company's stock in the past 90 days. Corporate insiders own 12.40% of the company's stock.
Institutional Investors weigh in on ON24
A number of institutional investors recently changed their holdings in ONTF. Legal & General Group Plc increased its holdings in ON24 shares by 44.8% over the second quarter. Legal & General Group Plc owns 15,788 of the company stock, valued at $150,000. This is after purchasing 4,886 additional shares in the last quarter. Alliancebernstein L.P. acquired a new stake of shares in ON24 valued at $135,000. UBS Asset Management Americas Inc. bought a new stake of shares in ON24 during the first quarter worth $121,000. Quadrature Capital Ltd bought a new share of ON24 in the third quarter for $112,000. UBS Group AG increased its stake in ON24 shares by 1,098.9% over the course of the fourth quarter. UBS Group AG owns 11,905 of the company’s shares valued at $103,000, after buying an additional 10,912 during the period. Institutional investors own 78.61%.
ON24, Inc. provides a cloud based digital experience platform which enables businesses to turn customer engagement into revenue by facilitating interactive webinar, virtual events, and multimedia content worldwide. ON24 Experience is a company that offers a variety of products including ON24 Elite - a live interactive webinar experience - ON24 Breakouts - a virtual event that allows users to interact in real time with each other; ON24 Virtual Confrence - a large-scale, live interactive video experience - ON24 Go Live - a rich multi-media content experience - ON24 Target - a personalized, curated, rich multi-media content experience - and ON24 Intelligence -
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