ON24

ONTF · NYSE

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ONTF analyst rating

HoldConsensus of 2 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold2
Underperform0
Sell0

12-month price target · 4 analysts

Average $8.26

Low: $8.18
High: $8.51

Upgrades and downgrades

The latest rating actions, newest first

ONTF analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Baird	Jan 2, 2026	Maintains	Neutral	$6.00 → $8.10	52%
Canaccord Genuity	Dec 31, 2025	Maintains	Hold	$6.00 → $8.10	52%
Canaccord Genuity	Nov 11, 2025	Maintains	Hold	$5.00 → $6.00	52%
Baird	Nov 11, 2025	Maintains	Neutral	$5.00 → $6.00	52%

The case for and against

Updated Jul 3, 2025

Bull case

ON24 Inc has demonstrated notable improvement in customer retention, achieving a net retention rate of 91% in 2024, which reflects a mid-single-digit increase year-over-year. The company's operating cash flows also saw an increase of $1.8 million year-over-year, reaching $1.0 million, indicating a positive trend in financial health. Additionally, with an expectation of sequential growth in subscription revenue throughout fiscal year 2025 and improved visibility from multi-year contracts, ON24 is positioned for a stable and potentially stronger performance moving forward.

Bear case

ON24 Inc has experienced a concerning decrease in customers with annual recurring revenue (ARR) exceeding $100K, which fell by 6 quarter-over-quarter to a total of 305, suggesting potential challenges in customer retention. The company has initially projected a revenue decline of 5.4% for fiscal year 2025, further indicating difficulties in stabilizing net retention rates that were at 91% in 2024. Additionally, total revenues decreased 6.8% year-over-year, driven by both platform and services revenue declines, while gross margins contracted slightly, pointing to a challenging financial landscape amid constrained marketing budgets and ongoing churn.

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