ON (NYSE:ONON) Coverage Initiated at Needham & Company LLC

Needham & Company LLC began coverage on shares of ON (NYSE:ONON) in a research report report published on Friday, Marketbeat Ratings reports. The firm issued a buy rating and a $64.00 price target on the stock.

Other equities analysts also recently issued reports about the company. Barclays upped their price target on ON from $47.00 to $63.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Morgan Stanley increased their price target on ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. The Goldman Sachs Group boosted their price target on ON from $50.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. HSBC assumed coverage on shares of ON in a research report on Thursday, September 5th. They issued a “hold” rating and a $52.00 price objective for the company. Finally, Truist Financial boosted their target price on shares of ON from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $56.05.

ON Stock Performance

NYSE:ONON opened at $58.13 on Friday. The company’s 50-day simple moving average is $50.15 and its 200-day simple moving average is $43.77. ON has a fifty-two week low of $25.78 and a fifty-two week high of $58.51. The stock has a market capitalization of $36.60 billion, a P/E ratio of 135.19 and a beta of 2.25.

Institutional Investors Weigh In On ON

A number of institutional investors have recently modified their holdings of ONON. 1832 Asset Management L.P. grew its holdings in ON by 66,838.9% in the second quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock valued at $93,500,000 after purchasing an additional 2,406,200 shares during the period. Acadian Asset Management LLC lifted its position in shares of ON by 574.3% during the 2nd quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock valued at $59,878,000 after buying an additional 1,315,006 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in ON in the 2nd quarter valued at $43,456,000. Renaissance Technologies LLC purchased a new stake in ON in the 2nd quarter worth $27,975,000. Finally, Kayne Anderson Rudnick Investment Management LLC raised its position in ON by 100.7% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock worth $49,716,000 after acquiring an additional 642,894 shares during the period. 33.11% of the stock is currently owned by institutional investors and hedge funds.

About ON

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.