ON24, Inc. (NYSE:ONTF) saw a significant decline in short interest in August. As of August 31st, there was short interest totalling 635,300 shares, a decline of 69.5% from the August 15th total of 2,080,000 shares. Currently, 2.1% of the shares of the company are short sold. Based on an average daily trading volume, of 795,600 shares, the short-interest ratio is currently 0.8 days.
In other news, major shareholder Goldman Sachs Group Inc sold 165,257 shares of the business’s stock in a transaction dated Monday, August 23rd. The shares were sold at an average price of $22.02, for a total transaction of $3,638,959.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Presidio Management Group Vii sold 31,250 shares of the business’s stock in a transaction dated Thursday, August 12th. The stock was sold at an average price of $21.20, for a total transaction of $662,500.00. Following the sale, the insider now directly owns 312 shares of the company’s stock, valued at approximately $6,614.40. The disclosure for this sale can be found here. Insiders sold 655,612 shares of company stock valued at $14,498,727 in the last ninety days.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Citigroup Inc. acquired a new stake in ON24 during the 1st quarter worth $28,000. Royal Bank of Canada acquired a new stake in ON24 during the 1st quarter worth $73,000. UBS Group AG acquired a new stake in ON24 during the 1st quarter worth $93,000. Advisory Services Network LLC acquired a new stake in ON24 during the 2nd quarter worth $131,000. Finally, HighTower Advisors LLC acquired a new stake in ON24 during the 1st quarter worth $202,000. 40.02% of the stock is currently owned by hedge funds and other institutional investors.
ON24 (NYSE:ONTF) last announced its quarterly earnings data on Tuesday, August 10th. The company reported $0.04 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.18. The firm had revenue of $52.10 million during the quarter, compared to analysts’ expectations of $51.06 million. During the same period in the prior year, the company posted $0.69 earnings per share. The company’s revenue for the quarter was up 43.4% on a year-over-year basis. Analysts forecast that ON24 will post -0.62 EPS for the current year.
Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. lowered shares of ON24 from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $85.00 to $32.00 in a report on Wednesday, August 11th. Canaccord Genuity lowered shares of ON24 from a “buy” rating to a “hold” rating and decreased their target price for the company from $45.00 to $30.00 in a report on Wednesday, August 11th. Robert W. Baird decreased their target price on shares of ON24 from $70.00 to $38.00 and set an “outperform” rating on the stock in a report on Wednesday, August 11th. Needham & Company LLC decreased their target price on shares of ON24 from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, August 11th. Finally, Zacks Investment Research upgraded shares of ON24 from a “sell” rating to a “hold” rating in a report on Wednesday, July 14th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $48.29.
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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