Needham & Company LLC Issues Pessimistic Forecast for ON (NYSE:ONON) Stock Price

ON (NYSE:ONON) had its price objective cut by analysts at Needham & Company LLC from $45.00 to $37.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 17.52% from the stock’s current price.

Several other analysts also recently weighed in on the stock. KeyCorp reiterated an “overweight” rating on shares of ON in a report on Monday. Truist Financial lowered their price target on ON from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Guggenheim restated a “buy” rating and set a $51.00 price target on shares of ON in a research report on Wednesday, May 13th. UBS Group dropped their price objective on ON from $85.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. Finally, Evercore reiterated an “outperform” rating and issued a $46.00 price objective on shares of ON in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.42.

ON Trading Down 18.8%

Shares of ONON traded down $7.30 during trading on Tuesday, reaching $31.48. 19,782,720 shares of the company traded hands, compared to its average volume of 5,837,012. The stock has a 50-day simple moving average of $37.31 and a 200-day simple moving average of $38.91. The stock has a market cap of $20.09 billion, a PE ratio of 33.89, a price-to-earnings-growth ratio of 0.69 and a beta of 2.12. ON has a twelve month low of $30.11 and a twelve month high of $52.20. The company has a quick ratio of 2.39, a current ratio of 2.98 and a debt-to-equity ratio of 0.26.

ON (NYSE:ONON) last issued its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.35 by $0.11. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. ON had a net margin of 7.92% and a return on equity of 15.72%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.21 EPS. On average, analysts anticipate that ON will post 1.52 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO David Michael Allemann purchased 60,000 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were bought at an average price of $36.63 per share, for a total transaction of $2,197,800.00. Following the acquisition, the chief executive officer directly owned 2,841,108 shares in the company, valued at $104,069,786.04. This trade represents a 2.16% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Caspar Felix Coppetti purchased 60,000 shares of ON stock in a transaction on Thursday, May 14th. The stock was bought at an average cost of $36.64 per share, for a total transaction of $2,198,400.00. Following the transaction, the chief executive officer directly owned 2,375,855 shares in the company, valued at $87,051,327.20. This represents a 2.59% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 180,000 shares of company stock valued at $6,594,000 in the last three months.

Hedge Funds Weigh In On ON

A number of institutional investors and hedge funds have recently modified their holdings of the company. Morgan Stanley raised its stake in ON by 40.9% in the fourth quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock valued at $1,121,092,000 after buying an additional 6,997,455 shares in the last quarter. Platinum Paramount Investment LTD. acquired a new stake in shares of ON during the 4th quarter worth about $525,784,000. Sinvest Investments II Ltd. purchased a new stake in ON during the fourth quarter worth approximately $390,432,000. Bamco Inc. NY lifted its stake in ON by 13.9% during the fourth quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock worth $251,247,000 after purchasing an additional 658,933 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in ON by 44.8% in the third quarter. Ameriprise Financial Inc. now owns 3,318,415 shares of the company’s stock valued at $138,865,000 after purchasing an additional 1,026,804 shares in the last quarter. Institutional investors and hedge funds own 36.39% of the company’s stock.

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.