Telsey Advisory Group Cuts ON (NYSE:ONON) Price Target to $60.00

ON (NYSE:ONON) had its target price reduced by equities research analysts at Telsey Advisory Group from $65.00 to $60.00 in a research report issued on Wednesday, Marketbeat reports. The firm currently has an “outperform” rating on the stock. Telsey Advisory Group’s price objective indicates a potential upside of 67.54% from the stock’s current price.

ONON has been the topic of several other research reports. Barclays decreased their price target on ON from $60.00 to $57.00 and set an “overweight” rating on the stock in a report on Wednesday, March 4th. Stifel Nicolaus set a $58.00 price objective on shares of ON in a research report on Tuesday, March 3rd. Williams Trading downgraded shares of ON from a “buy” rating to a “hold” rating and reduced their target price for the company from $55.00 to $47.00 in a research note on Thursday, January 8th. Truist Financial lowered their target price on shares of ON from $65.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of ON in a research note on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.24.

ON Trading Down 9.5%

ONON stock traded down $3.78 during midday trading on Wednesday, reaching $35.81. 7,098,734 shares of the company traded hands, compared to its average volume of 5,410,555. The firm has a market capitalization of $22.85 billion, a price-to-earnings ratio of 49.90, a P/E/G ratio of 0.79 and a beta of 2.14. ON has a 52-week low of $34.38 and a 52-week high of $61.29. The business has a 50 day moving average of $43.96 and a 200-day moving average of $43.87. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.13 and a current ratio of 2.71.

Insider Buying and Selling at ON

In other news, CEO Martin Hoffmann sold 4,150 shares of the stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $39.79, for a total value of $165,128.50. Following the sale, the chief executive officer directly owned 1,357,020 shares in the company, valued at approximately $53,995,825.80. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Investors Weigh In On ON

Large investors have recently bought and sold shares of the stock. J. Derek Lewis & Associates Inc. acquired a new stake in ON in the 4th quarter valued at about $212,000. Rockefeller Capital Management L.P. grew its position in shares of ON by 117.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 118,661 shares of the company’s stock worth $5,515,000 after buying an additional 64,138 shares in the last quarter. World Investment Advisors acquired a new position in shares of ON during the fourth quarter worth about $207,000. PeakShares LLC purchased a new stake in shares of ON during the fourth quarter worth approximately $564,000. Finally, SHP Wealth Management acquired a new stake in ON in the fourth quarter valued at approximately $333,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

ON Company Profile

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.