ON (NYSE:ONON) Given New $42.00 Price Target at Raymond James Financial

Key Points

• Raymond James raised ON Holding’s price target from $38 to $42 and maintained an “outperform” rating, implying 21.34% upside from the previous close.
• Analysts collectively rate the stock a “Moderate Buy,” with an average price target of $43.33. ON shares recently traded at $34.61, within a 52-week range of $26.36 to $51.08.
• ON reported quarterly revenue of $1.05 billion, up 13.5% year over year, but missed consensus estimates on both revenue and EPS. Insiders, including the CEO and founder, each purchased 65,000 shares in August.

ON (NYSE:ONON - Get Free Report) had its price objective upped by analysts at Raymond James Financial from $38.00 to $42.00 in a research report issued on Friday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's price objective suggests a potential upside of 21.34% from the company's previous close.

Several other equities analysts have also weighed in on ONON. Capital One Financial set a $28.00 price objective on shares of ON in a report on Tuesday, September 8th. Wall Street Zen lowered shares of ON from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Berenberg Bank set a $38.00 target price on shares of ON in a research report on Monday, September 14th. Truist Financial dropped their target price on shares of ON from $48.00 to $40.00 and set a "buy" rating for the company in a research report on Tuesday, August 11th. Finally, Zacks Research raised ON from a "strong sell" rating to a "hold" rating in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $43.33.

ON Price Performance

Shares of NYSE ONON traded down $0.58 during trading on Friday, reaching $34.61. The company had a trading volume of 4,931,297 shares, compared to its average volume of 7,016,908. ON has a 52 week low of $26.36 and a 52 week high of $51.08. The business's 50 day moving average price is $30.39 and its 200-day moving average price is $34.49. The stock has a market cap of $22.09 billion, a PE ratio of 23.57, a PEG ratio of 0.70 and a beta of 2.08. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83.

ON (NYSE:ONON - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.07). ON had a return on equity of 22.92% and a net margin of 12.09%. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the previous year, the business earned ($0.09) earnings per share. ON's revenue for the quarter was up 13.5% compared to the same quarter last year. Analysts expect that ON will post 1.51 earnings per share for the current year.

Insider Activity at ON

In other news, insider Olivier Bernhard purchased 65,000 shares of ON stock in a transaction dated Friday, August 14th. The shares were bought at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the transaction, the insider directly owned 5,228,184 shares in the company, valued at $160,348,403.28. This trade represents a 1.26% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Caspar Coppetti purchased 65,000 shares of the firm's stock in a transaction dated Friday, August 14th. The stock was purchased at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the acquisition, the chief executive officer directly owned 2,440,855 shares in the company, valued at $74,861,022.85. This trade represents a 2.74% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 68.57% of the stock is currently owned by corporate insiders.

Institutional Trading of ON

Several hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its stake in ON by 69.6% in the first quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company's stock valued at $26,000 after acquiring an additional 312 shares during the period. Ascentis Independent Advisors acquired a new stake in shares of ON during the first quarter worth about $34,000. State of Wyoming lifted its holdings in shares of ON by 132.6% during the 1st quarter. State of Wyoming now owns 4,508 shares of the company's stock valued at $153,000 after purchasing an additional 2,570 shares in the last quarter. World Investment Advisors bought a new position in shares of ON during the 4th quarter valued at about $207,000. Finally, J. Derek Lewis & Associates Inc. bought a new position in shares of ON during the 4th quarter valued at about $212,000. Institutional investors and hedge funds own 36.39% of the company's stock.

About ON

On Holding AG, trading on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company focused on performance footwear, apparel and accessories. The company serves athletes and active consumers with products designed for running, training, outdoor activities and everyday wear.

On is best known for its running shoes, which incorporate the company's CloudTec cushioning technology and distinctive sole designs. Its product portfolio also includes athletic clothing, apparel and accessories, with offerings positioned across both performance and lifestyle categories.

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