Needham & Company LLC Cuts ON (NYSE:ONON) Price Target to $52.00

ON (NYSE:ONON) had its price target reduced by Needham & Company LLC from $62.00 to $52.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

ONON has been the topic of a number of other reports. Piper Sandler reduced their target price on shares of ON from $65.00 to $55.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of ON in a research report on Wednesday, October 8th. Telsey Advisory Group reissued an “outperform” rating and issued a $65.00 price target on shares of ON in a research report on Wednesday, November 5th. Zacks Research downgraded shares of ON from a “hold” rating to a “strong sell” rating in a research report on Monday, October 13th. Finally, Jefferies Financial Group reaffirmed an “underperform” rating and set a $31.00 price target on shares of ON in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $61.14.

ON Trading Up 0.3%

Shares of ONON stock opened at $42.51 on Wednesday. The firm has a market capitalization of $26.77 billion, a P/E ratio of 55.21, a PEG ratio of 5.27 and a beta of 2.18. ON has a fifty-two week low of $34.38 and a fifty-two week high of $64.05. The stock’s fifty day moving average is $41.63 and its two-hundred day moving average is $48.18. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53.

ON (NYSE:ONON) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.35). ON had a return on equity of 15.47% and a net margin of 7.45%.The business had revenue of $944.29 million for the quarter, compared to analyst estimates of $707.74 million. During the same period in the previous year, the business posted $0.14 earnings per share. The firm’s revenue for the quarter was up 32.0% compared to the same quarter last year. Research analysts expect that ON will post 0.66 earnings per share for the current fiscal year.

Institutional Trading of ON

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. grew its stake in ON by 13.9% in the 1st quarter. Alliancebernstein L.P. now owns 19,794,811 shares of the company’s stock worth $869,388,000 after acquiring an additional 2,416,534 shares during the period. Sands Capital Management LLC grew its holdings in shares of ON by 46.7% during the 3rd quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company’s stock worth $286,685,000 after purchasing an additional 2,155,083 shares during the period. Jennison Associates LLC increased its position in shares of ON by 136.6% in the first quarter. Jennison Associates LLC now owns 4,848,438 shares of the company’s stock worth $212,943,000 after acquiring an additional 2,798,794 shares in the last quarter. Winslow Capital Management LLC purchased a new position in ON in the 2nd quarter worth approximately $248,113,000. Finally, Bamco Inc. NY grew its stake in shares of ON by 3.3% during the second quarter. Bamco Inc. NY now owns 4,139,974 shares of the company’s stock valued at $215,486,000 after acquiring an additional 132,756 shares in the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

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