Needham & Company LLC Increases ON (NYSE:ONON) Price Target to $62.00

ON (NYSE:ONON) had its price target increased by equities research analysts at Needham & Company LLC from $55.00 to $62.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 8.00% from the stock’s previous close.

Several other analysts also recently weighed in on ONON. Citigroup upgraded shares of ON from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $65.00 to $60.00 in a research report on Monday, April 28th. UBS Group lifted their price target on ON from $56.00 to $59.00 and gave the stock a “buy” rating in a research report on Monday, April 28th. Barclays decreased their price objective on ON from $64.00 to $52.00 and set an “overweight” rating for the company in a report on Monday. Williams Trading lifted their target price on shares of ON from $60.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Finally, Piper Sandler decreased their price target on shares of ON from $62.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, April 11th. 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 stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $58.50.

ON Stock Up 11.9%

NYSE ONON opened at $57.41 on Wednesday. The stock has a market capitalization of $36.15 billion, a PE ratio of 133.51, a price-to-earnings-growth ratio of 1.02 and a beta of 2.30. The firm has a 50 day moving average of $45.33 and a two-hundred day moving average of $51.52. ON has a 52 week low of $33.55 and a 52 week high of $64.05.

Hedge Funds Weigh In On ON

Large investors have recently added to or reduced their stakes in the business. Montag A & Associates Inc. acquired a new position in ON in the first quarter valued at $26,000. TCTC Holdings LLC boosted its stake in ON by 118.4% during the 1st quarter. TCTC Holdings LLC now owns 581 shares of the company’s stock valued at $26,000 after acquiring an additional 315 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in ON in the fourth quarter valued at about $30,000. Park Square Financial Group LLC bought a new stake in shares of ON in the 4th quarter valued at approximately $32,000. Finally, MassMutual Private Wealth & Trust FSB acquired a new stake in shares of ON during the first quarter worth $32,000. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

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.