Evercore ISI Forecasts Strong Price Appreciation for ON (NYSE:ONON) Stock

ON (NYSE:ONON) had its price target increased by research analysts at Evercore ISI from $60.00 to $70.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Evercore ISI’s price target suggests a potential upside of 16.07% from the company’s previous close.

Several other equities analysts also recently issued reports on the company. Telsey Advisory Group reiterated an “outperform” rating and set a $65.00 price objective on shares of ON in a research report on Tuesday. Morgan Stanley reduced their price objective on ON from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Stifel Nicolaus boosted their price objective on ON from $57.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday. Truist Financial boosted their price objective on ON from $61.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Williams Trading boosted their price objective on ON from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $61.73.

ON Stock Up 4.7%

Shares of ONON stock opened at $60.31 on Wednesday. The business has a 50 day moving average of $45.87 and a two-hundred day moving average of $51.63. ON has a 52 week low of $34.59 and a 52 week high of $64.05. The company has a market cap of $37.97 billion, a P/E ratio of 140.26, a PEG ratio of 1.02 and a beta of 2.30.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. FMR LLC increased its holdings in shares of ON by 1.6% in the fourth quarter. FMR LLC now owns 28,875,965 shares of the company’s stock valued at $1,581,537,000 after buying an additional 462,738 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of ON by 2.8% in the fourth quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company’s stock valued at $951,808,000 after buying an additional 471,805 shares in the last quarter. Jennison Associates LLC raised its stake 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 purchasing an additional 2,798,794 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in ON by 1.0% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,395,611 shares of the company’s stock valued at $149,136,000 after purchasing an additional 34,120 shares during the period. Finally, Norges Bank acquired a new stake in ON during the 4th quarter valued at $164,574,000. 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, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.