ON (NYSE:ONON) Now Covered by Analysts at Needham & Company LLC

Needham & Company LLC assumed coverage on shares of ON (NYSE:ONON) in a report published on Friday, Marketbeat.com reports. The firm issued a buy rating and a $64.00 price objective on the stock.

Other equities research analysts also recently issued reports about the company. Bank of America upgraded ON from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $21.00 to $55.00 in a research report on Monday, September 23rd. Stifel Nicolaus upped their price objective on ON from $45.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Evercore ISI raised shares of ON to an “overweight” rating and raised their target price for the company from $43.00 to $47.00 in a report on Monday, August 12th. KeyCorp upped their price target 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. Finally, Morgan Stanley increased their price objective on shares of ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, ON currently has an average rating of “Moderate Buy” and a consensus target price of $56.05.

ON Stock Performance

Shares of ONON stock opened at $58.13 on Friday. The stock has a fifty day simple moving average of $50.15 and a two-hundred day simple moving average of $43.77. ON has a 52-week low of $25.78 and a 52-week high of $58.51. The firm has a market capitalization of $36.60 billion, a PE ratio of 135.19 and a beta of 2.25.

Hedge Funds Weigh In On ON

A number of hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its stake in shares of ON by 0.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,787,871 shares of the company’s stock valued at $98,636,000 after buying an additional 14,674 shares during the period. 1832 Asset Management L.P. grew its holdings in ON by 66,838.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock worth $93,500,000 after acquiring an additional 2,406,200 shares in the last quarter. Acadian Asset Management LLC increased its position in ON by 574.3% during the 2nd quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock valued at $59,878,000 after purchasing an additional 1,315,006 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of ON by 100.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock valued at $49,716,000 after purchasing an additional 642,894 shares in the last quarter. Finally, Fred Alger Management LLC lifted its position in shares of ON by 22.8% in the 2nd quarter. Fred Alger Management LLC now owns 1,152,941 shares of the company’s stock worth $44,734,000 after purchasing an additional 213,815 shares during the period. 33.11% of the stock is currently owned by institutional investors.

About ON

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.