Zevenbergen Capital Investments LLC Reduces Position in On Holding AG (NYSE:ONON)

Key Points

• Zevenbergen Capital Investments LLC reduced its stake in On Holding AG by 6.7%, now holding approximately 591,003 shares valued at $25,957,000.
• Institutional investors show mixed activity; while Zevenbergen Capital decreased its position, Envestnet Asset Management and others have increased their holdings in the company during the fourth quarter.
• On Holding's stock currently trades at $45.61, with an average analyst rating of "Moderate Buy" and a consensus target price of $64.00.

Zevenbergen Capital Investments LLC cut its holdings in shares of On Holding AG (NYSE:ONON - Free Report) by 6.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 591,003 shares of the company's stock after selling 42,273 shares during the quarter. Zevenbergen Capital Investments LLC owned approximately 0.09% of ON worth $25,957,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in ONON. Envestnet Asset Management Inc. lifted its holdings in shares of ON by 3.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 372,654 shares of the company's stock worth $20,410,000 after buying an additional 10,992 shares in the last quarter. Bank of Montreal Can increased its position in shares of ON by 23.7% in the fourth quarter. Bank of Montreal Can now owns 57,290 shares of the company's stock worth $3,138,000 after purchasing an additional 10,970 shares during the last quarter. Invesco Ltd. increased its position in shares of ON by 4.0% in the fourth quarter. Invesco Ltd. now owns 41,287 shares of the company's stock worth $2,261,000 after purchasing an additional 1,571 shares during the last quarter. Legal & General Group Plc increased its position in shares of ON by 11,518.3% in the fourth quarter. Legal & General Group Plc now owns 54,722 shares of the company's stock worth $2,997,000 after purchasing an additional 54,251 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of ON in the fourth quarter worth approximately $28,575,000. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Stock Up 1.0%

Shares of ON stock opened at $45.61 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.18 and a current ratio of 2.80. On Holding AG has a 52-week low of $34.59 and a 52-week high of $64.05. The stock has a market capitalization of $28.72 billion, a price-to-earnings ratio of 65.16, a P/E/G ratio of 2.60 and a beta of 2.24. The company's 50 day moving average price is $52.56 and its 200-day moving average price is $51.07.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ONON. Piper Sandler restated an "overweight" rating on shares of ON in a research report on Tuesday, May 13th. Raymond James Financial cut shares of ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price target on the stock. in a research report on Tuesday, July 22nd. Morgan Stanley reduced their price target on shares of ON from $66.00 to $62.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Citigroup upgraded shares of ON from a "neutral" rating to a "buy" rating and reduced their price target for the company from $65.00 to $60.00 in a research report on Monday, April 28th. Finally, Cowen reiterated a "buy" rating on shares of ON in a research report on Wednesday, May 14th. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $64.00.

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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