ON (NYSE:ONON) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of ON (NYSE:ONON) in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a $64.00 target price on the stock.

Other equities research analysts have also recently issued reports about the stock. TD Cowen boosted their price objective on shares of ON from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. KeyCorp raised their target price on shares of ON from $47.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Piper Sandler raised their price objective on ON from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, October 3rd. UBS Group restated a “buy” rating and set a $63.00 target price on shares of ON in a research note on Friday, December 27th. Finally, Bank of America assumed coverage on shares of ON in a research note on Tuesday, January 7th. They issued a “buy” rating and a $73.00 price target on the stock. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $58.50.

ON Price Performance

NYSE ONON opened at $54.48 on Wednesday. ON has a one year low of $26.03 and a one year high of $60.12. The firm has a market cap of $34.30 billion, a P/E ratio of 126.70, a P/E/G ratio of 1.16 and a beta of 2.30. The stock’s 50-day moving average is $55.75 and its 200-day moving average is $48.55.

Institutional Investors Weigh In On ON

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Private Trust Co. NA acquired a new position in shares of ON during the 3rd quarter worth $26,000. Blue Trust Inc. grew its position in ON by 319.8% in the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after acquiring an additional 403 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in ON by 210.5% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock worth $28,000 after acquiring an additional 400 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of ON in the third quarter worth about $29,000. Finally, Quarry LP acquired a new stake in shares of ON in the 2nd quarter valued at approximately $32,000. 36.39% of the stock is currently owned by institutional investors.

ON Company Profile

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.