Needham & Company LLC Lowers ON (NYSE:ONON) Price Target to $45.00

Key Points

• Needham & Company LLC cut its price target on ON Holdings to $45 from $52, while keeping a buy rating. The new target still implies about 35% upside from the prior close.
• ON stock was down 2.0% in Tuesday trading at $33.36, with trading volume above average. The shares have ranged from a 52-week low of $31.41 to a high of $61.29.
• Despite the price-target cut, recent company news has been positive: ON beat Q1 earnings and revenue estimates and raised its full-year profitability outlook. Analysts still view the stock broadly favorably, with a consensus Moderate Buy rating and average target of $58.05.

ON (NYSE:ONON - Get Free Report) had its price objective dropped by Needham & Company LLC from $52.00 to $45.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target points to a potential upside of 34.91% from the company's previous close.

ONON has been the subject of several other reports. Telsey Advisory Group decreased their price target on shares of ON from $65.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday, March 25th. Weiss Ratings reissued a "sell (d+)" rating on shares of ON in a research report on Tuesday, April 21st. Stifel Nicolaus set a $58.00 price target on shares of ON in a research report on Tuesday, March 3rd. Raymond James Financial raised shares of ON from an "outperform" rating to a "strong-buy" rating and set a $52.00 price target for the company in a research report on Thursday, April 23rd. Finally, KeyCorp reissued an "overweight" rating on shares of ON in a research report on Wednesday, March 4th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $58.05.

ON Stock Down 2.0%

NYSE:ONON traded down $0.68 during mid-day trading on Tuesday, reaching $33.36. The company's stock had a trading volume of 10,311,371 shares, compared to its average volume of 6,101,777. ON has a 1 year low of $31.41 and a 1 year high of $61.29. The stock has a fifty day moving average of $36.98 and a 200-day moving average of $41.97. The firm has a market capitalization of $21.28 billion, a PE ratio of 46.33, a price-to-earnings-growth ratio of 0.71 and a beta of 2.09. The company has a quick ratio of 2.13, a current ratio of 2.71 and a debt-to-equity ratio of 0.27.

Insider Activity

In other news, CEO Martin Hoffmann sold 4,150 shares of the company's stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $35.84, for a total transaction of $148,736.00. Following the transaction, the chief executive officer owned 1,385,099 shares in the company, valued at $49,641,948.16. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 20,750 shares of company stock worth $745,838 in the last 90 days. Corporate insiders own 68.57% of the company's stock.

Hedge Funds Weigh In On ON

Several hedge funds have recently modified their holdings of the stock. Jacobi Capital Management LLC increased its holdings in shares of ON by 3.6% during the fourth quarter. Jacobi Capital Management LLC now owns 6,875 shares of the company's stock valued at $320,000 after acquiring an additional 240 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of ON by 2.8% during the fourth quarter. Parallel Advisors LLC now owns 10,455 shares of the company's stock valued at $486,000 after acquiring an additional 285 shares in the last quarter. J.W. Cole Advisors Inc. increased its holdings in shares of ON by 2.4% during the fourth quarter. J.W. Cole Advisors Inc. now owns 12,283 shares of the company's stock valued at $571,000 after acquiring an additional 285 shares in the last quarter. Parsons Capital Management Inc. RI increased its holdings in shares of ON by 4.3% during the third quarter. Parsons Capital Management Inc. RI now owns 7,238 shares of the company's stock valued at $307,000 after acquiring an additional 300 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of ON by 2.2% during the fourth quarter. MetLife Investment Management LLC now owns 14,411 shares of the company's stock valued at $670,000 after acquiring an additional 308 shares in the last quarter. Institutional investors and hedge funds own 36.39% of the company's stock.

ON News Roundup

Here are the key news stories impacting ON this week:

• Positive Sentiment: On Holding beat Q1 earnings and revenue expectations, reporting $0.46-$0.47 per share versus estimates around $0.35, while revenue rose about 14.5% year over year to roughly $1.04 billion. Article Title
• Positive Sentiment: The company raised its full-year profitability outlook, signaling improving leverage and management confidence in continued growth. Article Title
• Positive Sentiment: Investor enthusiasm is being supported by market-share gains in core categories and strong growth in China, which offset some pressure from softer direct-to-consumer sales. Article Title
• Neutral Sentiment: Q1 results were also broadly in line with Reuters/AP snapshot coverage, reinforcing the earnings beat but adding little new information for investors. Article Title
• Negative Sentiment: Some traders had already priced in a strong quarter ahead of earnings, and analyst commentary noted the stock had slipped before the report due to earnings-event uncertainty. Article Title

About ON

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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