Sands Capital Management LLC Purchases 2,155,083 Shares of On Holding AG $ONON

Key Points

• Sands Capital Management LLC increased its stake in On Holding by 46.7%, buying 2,155,083 shares to hold 6,769,430 shares (about 1.08%) worth $286,685,000 per its SEC filing.
• Other large institutional moves include new or expanded positions from Winslow, Bamco, American Century, Norges Bank and Ameriprise (which grew to 2,291,611 shares), leaving hedge funds and institutions owning 36.39% of ON.
• Analysts carry a consensus rating of “Moderate Buy” with a $59.48 target, while ON trades near $41.03 with a market cap of $25.76 billion and a PE of 56.98.

Sands Capital Management LLC lifted its position in shares of On Holding AG (NYSE:ONON - Free Report) by 46.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,769,430 shares of the company's stock after buying an additional 2,155,083 shares during the period. Sands Capital Management LLC owned about 1.08% of ON worth $286,685,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Winslow Capital Management LLC bought a new stake in shares of ON in the 2nd quarter worth approximately $248,113,000. Bamco Inc. NY grew its stake in shares of ON by 3.3% during the second quarter. Bamco Inc. NY now owns 4,139,974 shares of the company's stock valued at $215,486,000 after buying an additional 132,756 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of ON by 9.9% in the 3rd quarter. American Century Companies Inc. now owns 4,058,475 shares of the company's stock valued at $171,876,000 after acquiring an additional 365,907 shares during the last quarter. Norges Bank bought a new position in ON during the 2nd quarter worth approximately $138,641,000. Finally, Ameriprise Financial Inc. increased its stake in ON by 4,564.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,291,611 shares of the company's stock worth $119,752,000 after purchasing an additional 2,242,480 shares during the period. Hedge funds and other institutional investors own 36.39% of the company's stock.

ON Stock Down 0.4%

Shares of NYSE:ONON opened at $41.03 on Wednesday. The firm has a market cap of $25.76 billion, a PE ratio of 56.98, a price-to-earnings-growth ratio of 0.79 and a beta of 2.14. The company has a fifty day simple moving average of $45.82 and a 200 day simple moving average of $44.31. The company has a current ratio of 2.71, a quick ratio of 2.13 and a debt-to-equity ratio of 0.27. On Holding AG has a 12-month low of $34.38 and a 12-month high of $61.29.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ONON shares. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $65.00 target price on shares of ON in a research note on Tuesday, March 3rd. Evercore set a $58.00 price objective on shares of ON and gave the company an "outperform" rating in a research report on Tuesday, March 3rd. Truist Financial dropped their target price on shares of ON from $65.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, March 3rd. BTIG Research restated a "buy" rating and set a $70.00 price target on shares of ON in a report on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of ON in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.48.

ON Profile

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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