ON (NYSE:ONON) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

ON (NYSE:ONON - Get Free Report) had its price objective upped by analysts at Needham & Company LLC from $55.00 to $62.00 in a research report issued on Wednesday, MarketBeat reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's price target would indicate a potential upside of 3.33% from the stock's previous close.

Other equities research analysts have also issued research reports about the stock. HSBC upgraded shares of ON from a "hold" rating to a "buy" rating and set a $58.00 price target for the company in a report on Tuesday, March 11th. The Goldman Sachs Group lowered shares of ON from a "buy" rating to a "neutral" rating and set a $57.00 price target for the company. in a report on Wednesday, February 12th. Jefferies Financial Group started coverage on shares of ON in a report on Tuesday, April 1st. They issued a "hold" rating and a $44.00 price target for the company. Piper Sandler reduced their price target on shares of ON from $62.00 to $55.00 and set an "overweight" rating for the company in a report on Friday, April 11th. Finally, Telsey Advisory Group reiterated an "outperform" rating and set a $65.00 price objective on shares of ON in a research note on Tuesday, May 13th. Two investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $62.45.

ON Stock Up 0.2%

ONON traded up $0.10 on Wednesday, reaching $60.00. 1,915,578 shares of the company traded hands, compared to its average volume of 4,616,383. ON has a one year low of $34.59 and a one year high of $64.05. The company has a market cap of $37.78 billion, a P/E ratio of 139.62, a price-to-earnings-growth ratio of 1.02 and a beta of 2.30. The firm has a fifty day simple moving average of $46.16 and a two-hundred day simple moving average of $51.75.

Institutional Trading of ON

Large investors have recently made changes to their positions in the business. Apollon Wealth Management LLC boosted its holdings in shares of ON by 74.0% in the 4th quarter. Apollon Wealth Management LLC now owns 16,005 shares of the company's stock valued at $877,000 after acquiring an additional 6,808 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of ON by 34.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,376,850 shares of the company's stock valued at $76,213,000 after purchasing an additional 349,789 shares during the period. Strategic Financial Concepts LLC acquired a new position in shares of ON in the 4th quarter valued at $30,000. BNP Paribas Financial Markets acquired a new position in shares of ON in the 4th quarter valued at $39,119,000. Finally, Raymond James Financial Inc. acquired a new position in shares of ON in the 4th quarter valued at $28,575,000. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Company 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.