Wealthedge Investment Advisors LLC Has $766,000 Stock Holdings in On Holding AG (NYSE:ONON)

Key Points

• Wealthedge Investment Advisors LLC has reduced its stake in On Holding AG by 38.6%, now holding shares worth $766,000 after selling 10,966 shares during the first quarter.
• Several institutional investors have increased their holdings, with Jennison Associates LLC boosting its stake by 136.6% to own nearly 4.85 million shares valued at approximately $212.9 million.
• Brokerages have a positive outlook on ONON, with multiple firms assigning buy ratings and price targets ranging up to $79.00, reflecting strong investor confidence in the stock.

Wealthedge Investment Advisors LLC reduced its stake in shares of On Holding AG (NYSE:ONON - Free Report) by 38.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,442 shares of the company's stock after selling 10,966 shares during the quarter. Wealthedge Investment Advisors LLC's holdings in ON were worth $766,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Jennison Associates LLC boosted its stake in ON by 136.6% in the first quarter. Jennison Associates LLC now owns 4,848,438 shares of the company's stock valued at $212,943,000 after buying an additional 2,798,794 shares in the last quarter. Nuveen LLC bought a new position in ON in the first quarter valued at about $102,850,000. BNP Paribas Financial Markets bought a new position in shares of ON during the fourth quarter worth about $39,119,000. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of ON by 355.0% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 910,000 shares of the company's stock worth $39,967,000 after acquiring an additional 710,000 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in ON in the fourth quarter worth approximately $28,575,000. 36.39% of the stock is owned by institutional investors and hedge funds.

ON Stock Performance

NYSE:ONON opened at $44.30 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.18 and a current ratio of 2.53. On Holding AG has a 52-week low of $34.59 and a 52-week high of $64.05. The firm has a market cap of $27.89 billion, a price-to-earnings ratio of 98.44, a PEG ratio of 2.75 and a beta of 2.24. The business's fifty day moving average is $51.67 and its 200 day moving average is $50.77.

Wall Street Analyst Weigh In

A number of brokerages have commented on ONON. Piper Sandler reissued an "overweight" rating on shares of ON in a research note on Tuesday, May 13th. Evercore ISI lifted their target price on ON from $60.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. UBS Group set a $79.00 target price on ON and gave the company a "buy" rating in a research report on Wednesday. Telsey Advisory Group reiterated an "outperform" rating and set a $65.00 price target on shares of ON in a report on Thursday, August 7th. Finally, Stifel Nicolaus lifted their price target on ON from $57.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.

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