ON (NYSE:ONON) Shares Gap Down After Insider Selling

On Holding AG (NYSE:ONON) gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $39.59, but opened at $36.97. ON shares last traded at $35.9540, with a volume of 5,939,816 shares traded.

Specifically, CEO Martin Hoffmann sold 4,150 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $39.79, for a total transaction of $165,128.50. Following the transaction, the chief executive officer owned 1,357,020 shares of the company’s stock, valued at $53,995,825.80. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Williams Trading lowered ON from a “buy” rating to a “hold” rating and decreased their target price for the stock from $55.00 to $47.00 in a report on Thursday, January 8th. Stifel Nicolaus set a $58.00 price objective on shares of ON in a research report on Tuesday, March 3rd. Evercore set a $58.00 price objective on shares of ON and gave the company an “outperform” rating in a report on Tuesday, March 3rd. Needham & Company LLC reissued a “buy” rating and issued a $52.00 price objective on shares of ON in a research report on Thursday, February 26th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of ON in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $59.24.

ON Price Performance

The company’s fifty day moving average price is $43.96 and its 200 day moving average price is $43.87. The company has a market capitalization of $22.85 billion, a P/E ratio of 49.90, a PEG ratio of 0.79 and a beta of 2.14. The company has a quick ratio of 2.13, a current ratio of 2.71 and a debt-to-equity ratio of 0.27.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Bison Wealth LLC raised its position in ON by 35.7% during the fourth quarter. Bison Wealth LLC now owns 9,291 shares of the company’s stock valued at $509,000 after purchasing an additional 2,442 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of ON by 3.6% in the 2nd quarter. Cetera Investment Advisers now owns 50,046 shares of the company’s stock valued at $2,605,000 after purchasing an additional 1,742 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of ON by 53.7% in the 2nd quarter. Legal & General Group Plc now owns 93,256 shares of the company’s stock valued at $4,854,000 after purchasing an additional 32,578 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of ON by 5.0% in the 2nd quarter. Franklin Resources Inc. now owns 1,022,424 shares of the company’s stock valued at $53,217,000 after purchasing an additional 48,942 shares during the last quarter. Finally, Rhumbline Advisers bought a new position in shares of ON in the 2nd quarter valued at $11,846,000. 36.39% of the stock is owned by institutional investors.

About ON

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.