Needham Maintains a Buy Rating on ON24 (ONTF)

Needham analyst Scott Berg maintained a Buy rating on ON24 (ONTFResearch Report) today and set a price target of $25.00. The company’s shares closed last Friday at $12.91, close to its 52-week low of $11.20.

According to TipRanks.com, Berg is a 5-star analyst with an average return of 14.5% and a 51.0% success rate. Berg covers the Technology sector, focusing on stocks such as Ceridian HCM Holding, BigCommerce Holdings, and Tyler Technologies.

Currently, the analyst consensus on ON24 is a Moderate Buy with an average price target of $18.58, representing a 44.1% upside. In a report issued on March 1, KeyBanc also maintained a Buy rating on the stock with a $20.00 price target.

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Based on ON24’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $49.36 million and GAAP net loss of $9.4 million. In comparison, last year the company earned revenue of $53.29 million and had a net profit of $9.51 million.

Based on the recent corporate insider activity of 52 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ONTF in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

ON24 Inc provides a cloud-based digital experience platform that enables businesses to convert customer engagement into revenue through interactive webinar experiences, virtual event experiences, and multimedia content experiences. The company derives revenue from subscription agreements with customers for accessing the platform and related services.

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