Needham & Company LLC Reaffirms Buy Rating for ON (NYSE:ONON)

ON (NYSE:ONON)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $64.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 13.74% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. Piper Sandler increased their target price on ON from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. Telsey Advisory Group reissued an “outperform” rating and set a $67.00 target price on shares of ON in a research note on Wednesday. Robert W. Baird increased their target price on ON from $55.00 to $63.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Williams Trading raised ON from a “hold” rating to a “buy” rating and increased their target price for the stock from $40.00 to $60.00 in a research note on Wednesday, November 13th. Finally, Stifel Nicolaus raised their price target on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.50.

ON Trading Up 2.8 %

ON stock opened at $56.27 on Wednesday. The firm has a market capitalization of $35.43 billion, a P/E ratio of 130.87, a PEG ratio of 1.16 and a beta of 2.30. ON has a 1 year low of $26.03 and a 1 year high of $60.12. The business has a 50-day moving average of $55.87 and a 200-day moving average of $48.60.

Institutional Investors Weigh In On ON

Several large investors have recently made changes to their positions in ONON. Envestnet Asset Management Inc. boosted its holdings in shares of ON by 66.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 222,955 shares of the company’s stock valued at $8,651,000 after buying an additional 88,656 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in ON during the 2nd quarter valued at $27,975,000. Bradley Foster & Sargent Inc. CT lifted its holdings in ON by 7.2% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 6,728 shares of the company’s stock valued at $261,000 after purchasing an additional 453 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in ON by 27.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,317 shares of the company’s stock valued at $273,000 after purchasing an additional 1,581 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in ON by 183.6% during the 2nd quarter. Hsbc Holdings PLC now owns 71,944 shares of the company’s stock valued at $2,822,000 after purchasing an additional 46,576 shares during the last quarter. Institutional investors and hedge funds own 36.39% of the company’s stock.

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.