Maverick Capital Ltd. Invests $2.54 Million in On Holding AG $ONON

Key Points

• Maverick Capital Ltd. has acquired a new stake in On Holding AG, purchasing 57,710 shares valued at approximately $2,535,000 in the first quarter.
• Several analysts have upgraded their price targets for ONON, with UBS Group raising its target from $75.00 to $79.00 while maintaining a "buy" rating.
• Institutional investors currently hold 36.39% of On Holding AG's stock, indicating strong interest from the investment community.

Maverick Capital Ltd. bought a new position in shares of On Holding AG (NYSE:ONON - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund bought 57,710 shares of the company's stock, valued at approximately $2,535,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Montag A & Associates Inc. purchased a new position in shares of ON during the first quarter worth about $26,000. TCTC Holdings LLC grew its holdings in shares of ON by 118.4% during the first quarter. TCTC Holdings LLC now owns 581 shares of the company's stock worth $26,000 after purchasing an additional 315 shares in the last quarter. Park Square Financial Group LLC purchased a new position in shares of ON during the fourth quarter worth about $32,000. MassMutual Private Wealth & Trust FSB purchased a new position in shares of ON during the first quarter worth about $32,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of ON by 3,392.6% during the first quarter. Smartleaf Asset Management LLC now owns 943 shares of the company's stock worth $42,000 after purchasing an additional 916 shares in the last quarter. Hedge funds and other institutional investors own 36.39% of the company's stock.

ON Stock Performance

Shares of ON stock traded up $0.03 during trading on Wednesday, hitting $44.82. 4,415,669 shares of the company's stock traded hands, compared to its average volume of 7,399,361. On Holding AG has a 1 year low of $34.59 and a 1 year high of $64.05. The business has a 50-day simple moving average of $49.24 and a 200-day simple moving average of $49.55. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.53 and a quick ratio of 2.00. The stock has a market capitalization of $28.22 billion, a P/E ratio of 99.60, a PEG ratio of 4.97 and a beta of 2.23.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ONON. Morgan Stanley boosted their target price on ON from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Truist Financial boosted their target price on ON from $61.00 to $69.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Jefferies Financial Group set a $40.00 target price on ON and gave the stock an "underperform" rating in a research report on Wednesday, August 13th. Evercore ISI boosted their target price on ON from $60.00 to $70.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 14th. Finally, Needham & Company LLC restated a "buy" rating and issued a $62.00 target price on shares of ON in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $64.20.

ON Profile

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.