ON (NYSE:ONON) Stock Price Expected to Rise, Morgan Stanley Analyst Says

ON (NYSE:ONON - Get Free Report) had its target price raised by investment analysts at Morgan Stanley from $62.00 to $66.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Morgan Stanley's price objective suggests a potential upside of 41.33% from the stock's previous close.

ONON has been the topic of a number of other reports. TD Cowen lifted their target price on shares of ON from $65.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Bank of America started coverage on shares of ON in a research note on Tuesday, January 7th. They set a "buy" rating and a $73.00 target price on the stock. Raymond James raised shares of ON from an "outperform" rating to a "strong-buy" rating and boosted their price target for the company from $58.00 to $63.00 in a research note on Thursday, November 21st. Needham & Company LLC reissued a "buy" rating and issued a $64.00 price target on shares of ON in a research note on Tuesday, March 4th. Finally, Citigroup started coverage on shares of ON in a research note on Wednesday, December 18th. They issued a "neutral" rating and a $65.00 price target on the stock. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, ON presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.62.

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ON Trading Down 5.7 %

ONON stock traded down $2.83 during trading on Wednesday, reaching $46.70. 6,559,942 shares of the stock were exchanged, compared to its average volume of 4,544,731. The business has a 50 day moving average price of $54.90 and a 200-day moving average price of $52.51. ON has a 1 year low of $27.37 and a 1 year high of $64.05. The firm has a market capitalization of $29.40 billion, a price-to-earnings ratio of 108.61, a P/E/G ratio of 1.02 and a beta of 2.35.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Apollon Wealth Management LLC boosted its holdings in shares of ON by 74.0% in the 4th quarter. Apollon Wealth Management LLC now owns 16,005 shares of the company's stock valued at $877,000 after buying an additional 6,808 shares in the last quarter. RB Capital Management LLC boosted its holdings in shares of ON by 214.8% in the 3rd quarter. RB Capital Management LLC now owns 22,426 shares of the company's stock valued at $1,125,000 after buying an additional 15,303 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of ON by 34.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,376,850 shares of the company's stock valued at $76,213,000 after buying an additional 349,789 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in ON in the 4th quarter valued at $30,000. Finally, Y Intercept Hong Kong Ltd raised its position in ON by 584.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 83,651 shares of the company's stock valued at $4,195,000 after purchasing an additional 71,436 shares during the last quarter. Institutional investors and hedge funds 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, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.