On Holding AG $ONON Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its stake in On Holding by 26.1% in Q4, selling 268,279 shares and retaining 761,519 shares worth about $35.4 million (≈0.12% of ON).
• CEO Martin Hoffmann sold 4,150 shares on April 27 under a Rule 10b5‑1 plan, and insiders have sold 20,750 shares in the last three months even though insiders still own 68.57% of the company.
• Analysts give ON a consensus rating of “Moderate Buy” with an average price target of $58.40, compared with the recent share price around the mid‑$30s, implying notable upside per street estimates.

Pictet Asset Management Holding SA lowered its stake in shares of On Holding AG (NYSE:ONON - Free Report) by 26.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 761,519 shares of the company's stock after selling 268,279 shares during the period. Pictet Asset Management Holding SA owned about 0.12% of ON worth $35,395,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Bison Wealth LLC boosted its stake in shares of ON by 35.7% during the 4th quarter. Bison Wealth LLC now owns 9,291 shares of the company's stock worth $509,000 after acquiring an additional 2,442 shares in the last quarter. Prudential Financial Inc. purchased a new stake in ON during the second quarter worth $517,000. Invesco Ltd. grew its holdings in ON by 305.5% in the second quarter. Invesco Ltd. now owns 157,281 shares of the company's stock valued at $8,186,000 after purchasing an additional 118,498 shares during the last quarter. Cresset Asset Management LLC increased its position in shares of ON by 13.5% in the second quarter. Cresset Asset Management LLC now owns 7,232 shares of the company's stock valued at $376,000 after buying an additional 860 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of ON by 91.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,661 shares of the company's stock worth $139,000 after buying an additional 1,273 shares during the last quarter. 36.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ONON has been the subject of several recent research reports. Evercore set a $45.00 target price on shares of ON and gave the company an "outperform" rating in a report on Friday, March 27th. Raymond James Financial raised shares of ON from an "outperform" rating to a "strong-buy" rating and set a $52.00 price objective for the company in a research note on Thursday, April 23rd. Barclays lowered their target price on ON from $60.00 to $57.00 and set an "overweight" rating on the stock in a report on Wednesday, March 4th. Truist Financial reduced their price objective on ON from $65.00 to $55.00 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd. Finally, KeyCorp reiterated an "overweight" rating on shares of ON in a research report on Wednesday, March 4th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, ON currently has a consensus rating of "Moderate Buy" and an average price target of $58.40.

Insider Buying and Selling

In other news, CEO Martin Hoffmann sold 4,150 shares of the company's stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $35.84, for a total transaction of $148,736.00. Following the completion of the transaction, the chief executive officer owned 1,385,099 shares of the company's stock, valued at $49,641,948.16. This represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 20,750 shares of company stock valued at $745,838. 68.57% of the stock is owned by insiders.

ON Price Performance

ONON stock opened at $35.29 on Thursday. The stock has a market capitalization of $22.52 billion, a price-to-earnings ratio of 49.01, a price-to-earnings-growth ratio of 0.73 and a beta of 2.23. The company has a quick ratio of 2.13, a current ratio of 2.71 and a debt-to-equity ratio of 0.27. On Holding AG has a 52-week low of $31.41 and a 52-week high of $61.29. The stock's fifty day simple moving average is $38.48 and its 200-day simple moving average is $42.27.

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.

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