Piper Sandler Issues Pessimistic Forecast for ON (NYSE:ONON) Stock Price

ON (NYSE:ONON) had its price target dropped by analysts at Piper Sandler from $62.00 to $55.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 26.40% from the stock’s previous close.

Other research analysts have also issued reports about the company. Williams Trading raised their price target on ON from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. The Goldman Sachs Group cut ON from a “buy” rating to a “neutral” rating and set a $57.00 target price for the company. in a report on Wednesday, February 12th. TD Cowen boosted their price target on shares of ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Jefferies Financial Group began coverage on shares of ON in a research note on Tuesday, April 1st. They issued a “hold” rating and a $44.00 price objective for the company. Finally, UBS Group upped their target price on shares of ON from $65.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.00.

ON Stock Performance

NYSE:ONON opened at $43.51 on Friday. The stock has a market capitalization of $27.40 billion, a P/E ratio of 101.19, a PEG ratio of 1.02 and a beta of 2.32. ON has a fifty-two week low of $29.84 and a fifty-two week high of $64.05. The company has a 50 day moving average price of $47.73 and a 200 day moving average price of $52.01.

Hedge Funds Weigh In On ON

Several hedge funds have recently added to or reduced their stakes in ONON. Norges Bank purchased a new stake in shares of ON during the 4th quarter worth approximately $164,574,000. Arrowstreet Capital Limited Partnership acquired a new stake in ON during the 4th quarter worth $78,799,000. Axiom Investors LLC DE purchased a new stake in ON in the fourth quarter valued at $39,320,000. BNP Paribas Financial Markets acquired a new position in ON in the fourth quarter valued at $39,119,000. Finally, Raymond James Financial Inc. purchased a new position in shares of ON during the fourth quarter worth about $28,575,000. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

About ON

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.