ON (NYSE:ONON) Stock Gets Price Target Bump from KeyCorp

Key Points

• KeyCorp raised its ONON price target to $42 from $37 and maintained an Overweight rating, implying about 21% upside from the prior close.
• Analyst sentiment is broadly positive: MarketBeat reported a Moderate Buy consensus and an average price target of $44, with 25 analysts rating the stock Buy or Strong Buy.
• ON shares were reported down 7.5%; separately, CEO Caspar Coppetti and insider Olivier Bernhard each bought 65,000 shares at an average price of $30.67.

ON (NYSE:ONON - Get Free Report) had its target price raised by equities research analysts at KeyCorp from $37.00 to $42.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an "overweight" rating on the stock. KeyCorp's target price indicates a potential upside of 20.97% from the stock's previous close.

A number of other research analysts also recently commented on the stock. Cantor Fitzgerald assumed coverage on shares of ON in a research report on Tuesday. They set an "overweight" rating and a $46.00 price objective on the stock. Needham & Company LLC increased their target price on shares of ON from $37.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, September 23rd. The Goldman Sachs Group reissued a "buy" rating on shares of ON in a research note on Tuesday, September 22nd. Robert W. Baird lowered their price target on shares of ON from $70.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, August 12th. Finally, Wolfe Research assumed coverage on shares of ON in a report on Wednesday, October 21st. They set an "outperform" rating and a $47.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $44.00.

ON Trading Down 7.5%

NYSE:ONON opened at $34.72 on Wednesday. The stock has a market cap of $22.16 billion, a PE ratio of 23.62, a price-to-earnings-growth ratio of 0.74 and a beta of 2.05. ON has a fifty-two week low of $26.36 and a fifty-two week high of $51.08. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.83 and a quick ratio of 2.25. The stock's 50-day moving average is $31.79 and its two-hundred day moving average is $36.41.

ON (NYSE:ONON - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.42 by ($0.07). The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.09 billion. ON had a return on equity of 22.92% and a net margin of 12.09%. ON's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period last year, the company earned ($0.09) earnings per share. As a group, equities research analysts forecast that ON will post 1.50 earnings per share for the current fiscal year.

Insider Activity at ON

In other news, CEO Caspar Coppetti purchased 65,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the purchase, the chief executive officer owned 2,440,855 shares in the company, valued at $74,861,022.85. This represents a 2.74% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Olivier Bernhard acquired 65,000 shares of the company's stock in a transaction that occurred on 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 acquisition, the insider directly owned 5,228,184 shares of the company's stock, valued at $160,348,403.28. The trade was a 1.26% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Pictet Asset Management Holding SA raised its holdings in shares of ON by 116.8% during the 3rd quarter. Pictet Asset Management Holding SA now owns 1,741,829 shares of the company's stock valued at $51,571,000 after purchasing an additional 938,285 shares in the last quarter. Voya Investment Management LLC boosted its holdings in ON by 220.6% in the third quarter. Voya Investment Management LLC now owns 1,002,302 shares of the company's stock worth $29,678,000 after purchasing an additional 689,634 shares in the last quarter. Eurizon Capital SGR S.p.A. increased its position in ON by 159.9% during the third quarter. Eurizon Capital SGR S.p.A. now owns 931,031 shares of the company's stock worth $27,568,000 after buying an additional 572,854 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new position in ON during the first quarter worth $5,694,000. Finally, B.A. Schrock Wealth Management Inc. acquired a new position in ON during the third quarter worth $3,991,000. Institutional investors and hedge funds own 36.39% of the company's stock.

ON News Roundup

Here are the key news stories impacting ON this week:

• Positive Sentiment: Q3 results topped earnings expectations: On reported EPS of CHF 0.65 versus a roughly CHF 0.47 consensus, while sales rose 17.2% year over year to CHF 931.4 million. Direct-to-consumer revenue increased 25%, and apparel revenue also grew strongly. Article: On Holding Q3 2026 revenue and earnings beat
• Positive Sentiment: The company raised its FY2026 gross-margin outlook to about 66% and expects Q4 growth to accelerate; it also outlined a 19.5%–20% adjusted EBITDA margin. Article: On outlines FY2026 margin outlook and expects Q4 growth to accelerate
• Positive Sentiment: Cantor Fitzgerald initiated coverage with an Overweight rating and a $46 price target, providing a favorable analyst view. Article: Cantor Fitzgerald rating
• Negative Sentiment: Investors questioned the durability of the earnings and margin beat: Q3 gross margin included CHF 52.6 million in U.S. tariff refunds. On also maintained its low-20% constant-currency full-year sales-growth outlook rather than raising it, tempering the upbeat results and higher margin guidance. Article: Investors focus on tariff benefit and unchanged core outlook

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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