ON (NYSE:ONON) Given New $50.00 Price Target at Needham & Company LLC

ON (NYSE:ONON) had its price objective trimmed by Needham & Company LLC from $64.00 to $50.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts also recently issued reports on the stock. Telsey Advisory Group reiterated an “outperform” rating and set a $67.00 target price on shares of ON in a research report on Tuesday. Morgan Stanley increased their price objective on shares of ON from $62.00 to $66.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Hsbc Global Res upgraded ON from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 11th. Williams Trading upped their price target on ON from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus increased their price target on ON from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $60.45.

ON Stock Performance

Shares of NYSE:ONON opened at $42.69 on Tuesday. The firm has a market cap of $26.88 billion, a PE ratio of 99.28, a price-to-earnings-growth ratio of 1.02 and a beta of 2.35. ON has a 52 week low of $29.84 and a 52 week high of $64.05. The firm’s fifty day moving average is $51.85 and its 200-day moving average is $52.68.

Hedge Funds Weigh In On ON

A number of hedge funds and other institutional investors have recently modified their holdings of ONON. Capital Advisors Inc. OK grew its position in ON by 3.2% during the fourth quarter. Capital Advisors Inc. OK now owns 6,386 shares of the company’s stock valued at $350,000 after buying an additional 200 shares during the period. Keystone Investors PTE Ltd. boosted its stake in ON by 0.8% in the fourth quarter. Keystone Investors PTE Ltd. now owns 29,918 shares of the company’s stock valued at $1,639,000 after acquiring an additional 228 shares during the last quarter. Concurrent Investment Advisors LLC grew its position in shares of ON by 2.8% during the 4th quarter. Concurrent Investment Advisors LLC now owns 9,413 shares of the company’s stock valued at $516,000 after acquiring an additional 259 shares during the period. CreativeOne Wealth LLC increased its stake in shares of ON by 2.4% during the 4th quarter. CreativeOne Wealth LLC now owns 13,574 shares of the company’s stock worth $743,000 after purchasing an additional 323 shares during the last quarter. Finally, Atria Investments Inc raised its holdings in shares of ON by 6.6% in the 4th quarter. Atria Investments Inc now owns 5,515 shares of the company’s stock worth $302,000 after purchasing an additional 341 shares during the period. Hedge funds and other institutional investors own 36.39% of the company’s stock.

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, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.