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

ON (NYSE:ONON) had its price objective lifted by research analysts at Needham & Company LLC from $50.00 to $55.00 in a report released 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 10.56% from the company’s previous close.

A number of other analysts also recently issued reports on ONON. Morgan Stanley reduced their price target on shares of ON from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday. Stifel Nicolaus reduced their target price on ON from $66.00 to $57.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Piper Sandler reduced their price objective on ON from $62.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, April 11th. HSBC raised shares of ON from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Tuesday, March 11th. Finally, TD Cowen increased their price target on shares of ON from $65.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, ON has an average rating of “Buy” and an average target price of $58.73.

ON Trading Up 2.5 %

NYSE ONON opened at $49.75 on Wednesday. ON has a 12 month low of $29.84 and a 12 month high of $64.05. The stock’s 50 day moving average is $45.23 and its 200 day moving average is $51.41. The stock has a market cap of $31.32 billion, a PE ratio of 115.69, a P/E/G ratio of 1.02 and a beta of 2.30.

Hedge Funds Weigh In On ON

Hedge funds have recently added to or reduced their stakes in the stock. Park Square Financial Group LLC purchased a new stake in shares of ON in the fourth quarter valued at approximately $32,000. TCTC Holdings LLC lifted its holdings in shares of ON by 118.4% in the 1st quarter. TCTC Holdings LLC now owns 581 shares of the company’s stock worth $26,000 after buying an additional 315 shares during the period. Montag A & Associates Inc. bought a new position in shares of ON during the 1st quarter worth $26,000. MassMutual Private Wealth & Trust FSB purchased a new position in shares of ON during the first quarter valued at $32,000. Finally, Legacy Bridge LLC bought a new stake in shares of ON in the fourth quarter valued at about $43,000. 36.39% of the stock is currently owned by 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, 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.