ON (NYSE:ONON) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of ON (NYSE:ONON) in a research note released on Wednesday,Benzinga reports. The brokerage currently has a $52.00 target price on the stock.

Other equities analysts also recently issued research reports about the stock. Raymond James Financial decreased their price objective on shares of ON from $66.00 to $55.00 and set an “outperform” rating for the company in a research note on Tuesday, October 21st. Citigroup cut ON from a “buy” rating to a “mixed” rating in a research report on Tuesday, October 28th. Piper Sandler reaffirmed an “overweight” rating on shares of ON in a research report on Friday, December 5th. KeyCorp reduced their price objective on ON from $68.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, January 22nd. Finally, Guggenheim upgraded shares of ON to a “strong-buy” rating in a research report on Wednesday, December 10th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.86.

ON Stock Down 1.4%

Shares of NYSE:ONON opened at $44.89 on Wednesday. The firm has a 50 day simple moving average of $46.48 and a 200-day simple moving average of $45.10. ON has a twelve month low of $34.38 and a twelve month high of $64.05. The company has a current ratio of 2.55, a quick ratio of 2.05 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $28.19 billion, a PE ratio of 58.30, a P/E/G ratio of 1.37 and a beta of 2.15.

Institutional Investors Weigh In On ON

Large investors have recently modified their holdings of the stock. Bison Wealth LLC grew its position in ON by 35.7% in the 4th quarter. Bison Wealth LLC now owns 9,291 shares of the company’s stock valued at $509,000 after buying an additional 2,442 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of ON by 106.6% in the second quarter. Public Employees Retirement System of Ohio now owns 68,583 shares of the company’s stock valued at $3,570,000 after acquiring an additional 35,391 shares in the last quarter. Truist Financial Corp boosted its holdings in shares of ON by 206.1% in the second quarter. Truist Financial Corp now owns 27,049 shares of the company’s stock valued at $1,408,000 after acquiring an additional 18,211 shares in the last quarter. Ninety One UK Ltd acquired a new position in shares of ON during the second quarter worth about $9,800,000. Finally, Robeco Institutional Asset Management B.V. purchased a new position in ON during the second quarter worth about $41,208,000. 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.