Tremblant Capital Group Makes New $15.15 Million Investment in On Holding AG (NYSE:ONON)

Tremblant Capital Group acquired a new stake in shares of On Holding AG (NYSE:ONON - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 276,571 shares of the company's stock, valued at approximately $15,148,000. ON comprises 1.6% of Tremblant Capital Group's holdings, making the stock its 28th biggest holding.

Other large investors have also added to or reduced their stakes in the company. Strategic Financial Concepts LLC purchased a new position in ON in the 4th quarter worth about $30,000. Legacy Bridge LLC bought a new position in shares of ON during the 4th quarter valued at approximately $43,000. Bernard Wealth Management Corp. bought a new position in shares of ON during the 4th quarter valued at approximately $44,000. Arcadia Investment Management Corp MI purchased a new position in ON in the 4th quarter worth approximately $53,000. Finally, VisionPoint Advisory Group LLC purchased a new position in ON in the 4th quarter worth approximately $65,000. Hedge funds and other institutional investors own 36.39% of the company's stock.

ON Trading Down 0.6%

NYSE:ONON traded down $0.38 during midday trading on Friday, hitting $58.44. 4,394,621 shares of the company traded hands, compared to its average volume of 4,632,569. The firm's fifty day moving average is $47.40 and its 200-day moving average is $52.10. On Holding AG has a 12-month low of $34.59 and a 12-month high of $64.05. The firm has a market capitalization of $36.80 billion, a P/E ratio of 135.91, a P/E/G ratio of 1.02 and a beta of 2.30.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Needham & Company LLC boosted their price target on ON from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Piper Sandler reissued an "overweight" rating on shares of ON in a report on Tuesday, May 13th. KeyCorp upped their price objective on ON from $60.00 to $68.00 and gave the stock an "overweight" rating in a report on Wednesday, May 14th. Citigroup raised ON from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $65.00 to $60.00 in a report on Monday, April 28th. Finally, Barclays set a $68.00 price objective on ON in a report on Wednesday, May 14th. Two research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $62.45.

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.