ON (NYSE:ONON) Given New $46.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised its ONON price target from $44 to $46 and maintained an Overweight rating, implying 34.6% upside from the prior close.
• ON reported quarterly EPS of $0.65, beating the $0.47 analyst consensus; revenue was $1.11 billion, up 17.2% year over year.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $43.96.

ON (NYSE:ONON - Get Free Report) had its price target boosted by stock analysts at JPMorgan Chase & Co. from $44.00 to $46.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 34.61% from the stock's previous close.

A number of other brokerages also recently weighed in on ONON. Berenberg Bank set a $38.00 price objective on shares of ON in a research report on Monday, September 14th. Guggenheim set a $42.00 target price on ON in a research report on Friday, September 11th. Wall Street Zen lowered ON from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Weiss Ratings upgraded ON from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, October 8th. Finally, BMO Capital Markets reaffirmed a "market perform" rating and issued a $35.00 price target on shares of ON in a report on Wednesday, October 28th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.96.

ON Stock Performance

Shares of ONON traded down $0.53 during trading hours on Wednesday, hitting $34.17. The stock had a trading volume of 2,318,945 shares, compared to its average volume of 7,377,073. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83. The firm has a 50-day moving average price of $31.79 and a 200 day moving average price of $36.41. ON has a fifty-two week low of $26.36 and a fifty-two week high of $51.08. The firm has a market capitalization of $21.81 billion, a price-to-earnings ratio of 23.24, a PEG ratio of 0.74 and a beta of 2.05.

ON (NYSE:ONON - Get Free Report) last announced its quarterly earnings results on Tuesday, November 10th. The company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.18. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.11 billion. ON had a net margin of 12.09% and a return on equity of 22.92%. The firm's quarterly revenue was up 17.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.43 earnings per share. As a group, research analysts anticipate that ON will post 1.50 EPS for the current year.

Insider Activity at ON

In other news, insider Olivier Bernhard bought 65,000 shares of the firm's stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $30.67 per share, for a total transaction 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. The trade was a 1.26% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Caspar Coppetti bought 65,000 shares of the firm's stock in a transaction dated Friday, August 14th. The stock was purchased at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the transaction, the chief executive officer owned 2,440,855 shares of the company's stock, valued at approximately $74,861,022.85. This represents a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ONON. EverSource Wealth Advisors LLC boosted its stake in ON by 69.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company's stock worth $26,000 after purchasing an additional 312 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its position in shares of ON by 5,181.2% in the third quarter. Pinnacle Wealth Planning Services Inc. now owns 845 shares of the company's stock valued at $25,000 after buying an additional 829 shares during the last quarter. Guardian Partners Inc. acquired a new stake in shares of ON in the third quarter valued at about $41,000. Signaturefd LLC lifted its stake in shares of ON by 29.5% in the third quarter. Signaturefd LLC now owns 1,598 shares of the company's stock worth $47,000 after buying an additional 364 shares in the last quarter. Finally, Covestor Ltd lifted its stake in shares of ON by 39.5% in the third quarter. Covestor Ltd now owns 2,984 shares of the company's stock worth $88,000 after buying an additional 845 shares in the last quarter. 36.39% of the stock is owned by institutional investors and hedge funds.

Recent ON Headlines

Here are a few of the latest headlines about ONON:

• Positive Sentiment: ON reported record Q3 sales of CHF 931.4 million, up 17.2% year over year, and earnings per share above analyst expectations. Direct-to-consumer sales grew 25%, net income rose 36.9%, and apparel revenue was also strong. Article: On Holding Q3 2026 earnings
• Positive Sentiment: Management lifted its full-year comparable gross-margin outlook to around 66% and expects Q4 growth to accelerate. Analyst sentiment remains broadly supportive: KeyCorp raised its target to $42 and maintained an Overweight rating; Barclays cut its target to $42 but kept Overweight. Article: ON outlines FY2026 margins and Q4 growth
• Neutral Sentiment: Goldman Sachs lowered its price target to $41, while Cantor Fitzgerald initiated coverage with an Overweight rating and a $46 target—analysts differ on valuation, but several see potential upside. Article: Goldman Sachs lowers ONON price target

About ON

On Holding AG, which trades on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. Its products serve runners and other athletes, as well as consumers seeking athletic-inspired everyday wear. The company is known for its running shoes, which feature its CloudTec cushioning technology. On also offers apparel and equipment for activities including running, training and outdoor sports, selling through wholesale partners and its own retail and online channels.

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