ON (NYSE:ONON) Receives Buy Rating from Needham & Company LLC

Key Points

• Needham & Company LLC has reiterated a "buy" rating for ONON, setting a price target of $62.00, indicating a potential upside of 25.47% from its current price.
• A total of 19 analysts have assigned buy ratings to ONON stock, contributing to a consensus rating of "Moderate Buy" and an average price target of $64.00.
• The company's stock price increased by $3.70 to reach $49.42, with a notable trading volume of over 12 million shares on the announcement day.

ON (NYSE:ONON - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They currently have a $62.00 price objective on the stock. Needham & Company LLC's price objective would suggest a potential upside of 25.47% from the stock's current price.

ONON has been the topic of a number of other research reports. Morgan Stanley lowered their price target on ON from $66.00 to $62.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Telsey Advisory Group restated an "outperform" rating and set a $65.00 price target on shares of ON in a research report on Thursday, August 7th. Truist Financial raised their price target on ON from $61.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Evercore ISI raised their price target on ON from $60.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. Finally, Citigroup upgraded ON from a "neutral" rating to a "buy" rating and lowered their price target for the company from $65.00 to $60.00 in a research report on Monday, April 28th. Two research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $64.00.

ON Price Performance

Shares of ONON stock traded up $3.70 on Tuesday, reaching $49.42. The company's stock had a trading volume of 12,953,881 shares, compared to its average volume of 5,299,528. The company has a quick ratio of 2.18, a current ratio of 2.80 and a debt-to-equity ratio of 0.19. ON has a 12-month low of $34.59 and a 12-month high of $64.05. The company has a market capitalization of $31.11 billion, a P/E ratio of 70.61, a PEG ratio of 2.60 and a beta of 2.24. The stock's 50 day simple moving average is $52.29 and its 200-day simple moving average is $50.90.

Institutional Trading of ON

Several large investors have recently bought and sold shares of ONON. Jennison Associates LLC boosted its position in ON by 136.6% during the 1st quarter. Jennison Associates LLC now owns 4,848,438 shares of the company's stock valued at $212,943,000 after acquiring an additional 2,798,794 shares in the last quarter. Alliancebernstein L.P. boosted its position in ON by 13.9% during the 1st quarter. Alliancebernstein L.P. now owns 19,794,811 shares of the company's stock valued at $869,388,000 after acquiring an additional 2,416,534 shares in the last quarter. Nuveen LLC bought a new stake in ON during the 1st quarter valued at approximately $102,850,000. Geode Capital Management LLC bought a new stake in ON during the 2nd quarter valued at approximately $70,152,000. Finally, Bessemer Group Inc. bought a new stake in shares of ON in the 2nd quarter worth approximately $43,344,000. 36.39% of the stock is owned by institutional investors.

About ON

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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