Zimmer Partners LP Buys New Holdings in ON24, Inc. (NYSE:ONTF)

Zimmer Partners LP acquired a new position in ON24, Inc. (NYSE:ONTF) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 71,500 shares of the company’s stock, valued at approximately $3,468,000. Zimmer Partners LP owned about 0.15% of ON24 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Citigroup Inc. bought a new stake in ON24 in the 1st quarter worth approximately $28,000. Royal Bank of Canada bought a new position in shares of ON24 during the 1st quarter valued at approximately $73,000. UBS Group AG bought a new position in shares of ON24 during the 1st quarter valued at approximately $93,000. Strs Ohio bought a new position in shares of ON24 during the 1st quarter valued at approximately $101,000. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of ON24 during the 1st quarter valued at approximately $175,000. 40.29% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently weighed in on ONTF. Canaccord Genuity cut their target price on ON24 from $65.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, May 13th. Needham & Company LLC cut their target price on ON24 from $70.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, May 13th. They noted that the move was a valuation call. JPMorgan Chase & Co. restated a “buy” rating and set a $85.00 price objective on shares of ON24 in a report on Wednesday, June 16th. Zacks Investment Research upgraded ON24 from a “sell” rating to a “hold” rating in a report on Wednesday, July 14th. Finally, KeyCorp dropped their price objective on ON24 from $65.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, May 13th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $66.43.

NYSE ONTF traded down $0.05 during trading on Thursday, reaching $39.53. 1,382 shares of the company’s stock were exchanged, compared to its average volume of 393,257. The firm has a market cap of $1.83 billion and a PE ratio of 30.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.80 and a current ratio of 3.80. The stock has a 50 day simple moving average of $35.41. ON24, Inc. has a 1 year low of $31.03 and a 1 year high of $81.98.

ON24 (NYSE:ONTF) last announced its quarterly earnings results on Wednesday, May 12th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.09. The business had revenue of $50.10 million for the quarter, compared to analysts’ expectations of $48.86 million. The firm’s quarterly revenue was up 102.4% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. As a group, research analysts anticipate that ON24, Inc. will post -0.58 earnings per share for the current fiscal year.

ON24 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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Institutional Ownership by Quarter for ON24 (NYSE:ONTF)

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