Hold Rating on ON24 Reflects Rich Cvent Takeout Valuation and Limited Upside Beyond Deal-Closure Risk
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Needham analyst Scott Berg has maintained a Hold rating on ONTF stock, citing the acquisition by Cvent as a key factor. The purchase price of $8.10 per share represents a premium to ON24’s recent trading levels. The deal, valued at 1.6x FY26 revenue estimates, appears attractive against ON24’s modest revenue decline and lack of profitability. Berg notes limited upside for equity holders due to the deal's structure and strategic fit, which reduces the likelihood of competing bids. The transaction is expected to close in the first half of 2026, with risk-reward skewing towards a neutral stance.
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