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

ON (NYSE:ONON)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They currently have a $64.00 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 21.63% from the stock’s current price.

A number of other research firms have also recently commented on ONON. Citigroup initiated coverage on shares of ON in a report on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 price target on the stock. UBS Group reaffirmed a “buy” rating and issued a $63.00 price target on shares of ON in a report on Friday, December 27th. KeyCorp upped their target price on shares of ON from $60.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Stifel Nicolaus upped their target price on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Finally, The Goldman Sachs Group cut ON from a “buy” rating to a “neutral” rating and set a $57.00 price objective on the stock. in a research note on Wednesday, February 12th. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $60.36.

ON Stock Performance

ONON stock opened at $52.62 on Tuesday. ON has a 52-week low of $27.37 and a 52-week high of $64.05. The business has a 50-day simple moving average of $55.29 and a two-hundred day simple moving average of $52.50. The company has a market capitalization of $33.13 billion, a P/E ratio of 122.37, a price-to-earnings-growth ratio of 1.02 and a beta of 2.30.

Institutional Trading of ON

Several institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC raised its stake in shares of ON by 1.6% during the fourth quarter. FMR LLC now owns 28,875,965 shares of the company’s stock valued at $1,581,537,000 after acquiring an additional 462,738 shares in the last quarter. Alliancebernstein L.P. raised its stake in ON by 2.8% in the fourth quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company’s stock worth $951,808,000 after buying an additional 471,805 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in ON by 0.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,361,491 shares of the company’s stock worth $184,109,000 after buying an additional 18,752 shares in the last quarter. Norges Bank bought a new position in ON in the fourth quarter worth approximately $164,574,000. Finally, Jennison Associates LLC raised its stake in ON by 27.4% in the fourth quarter. Jennison Associates LLC now owns 2,049,644 shares of the company’s stock worth $112,259,000 after buying an additional 440,685 shares in the last quarter. Institutional investors 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.