ON (NYSE:ONON) Given New $50.00 Price Target at Needham & Company LLC

ON (NYSE:ONON - Get Free Report) had its price target lowered by investment analysts at Needham & Company LLC from $64.00 to $50.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price would suggest a potential upside of 35.33% from the company's current price.

ONON has been the subject of several other research reports. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $67.00 target price on shares of ON in a research note on Tuesday. HSBC upgraded ON from a "hold" rating to a "buy" rating and set a $58.00 price objective for the company in a report on Tuesday, March 11th. Bank of America assumed coverage on shares of ON in a report on Tuesday, January 7th. They issued a "buy" rating and a $73.00 price objective on the stock. TD Cowen raised their price objective on ON from $65.00 to $66.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Finally, Morgan Stanley lifted their price objective on shares of ON from $62.00 to $66.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 5th. Three equities research 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 company's stock. Based on data from MarketBeat, ON presently has an average rating of "Moderate Buy" and a consensus price target of $60.45.

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ON Trading Down 1.9 %

NYSE ONON traded down $0.70 on Tuesday, hitting $36.95. 2,231,317 shares of the company were exchanged, compared to its average volume of 4,460,583. The firm has a 50 day moving average of $50.77 and a two-hundred day moving average of $52.48. ON has a 1-year low of $29.84 and a 1-year high of $64.05. The company has a market cap of $23.26 billion, a P/E ratio of 85.61, a P/E/G ratio of 1.02 and a beta of 2.35.

Institutional Investors Weigh In On ON

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in ON in the 4th quarter worth approximately $164,574,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of ON in the 4th quarter valued at about $78,799,000. Axiom Investors LLC DE purchased a new stake in ON in the fourth quarter valued at approximately $39,320,000. BNP Paribas Financial Markets bought a new stake in ON in the 4th quarter worth approximately $39,119,000. Finally, Raymond James Financial Inc. purchased a new position in shares of ON in the fourth quarter worth about $28,575,000. 36.39% of the stock is currently owned by 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, 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.