The Goldman Sachs Group Downgrades ON (NYSE:ONON) to Neutral

ON (NYSE:ONON - Get Free Report) was downgraded by stock analysts at The Goldman Sachs Group from a "buy" rating to a "neutral" rating in a research report issued to clients and investors on Wednesday, MarketBeat reports. They presently have a $57.00 target price on the stock. The Goldman Sachs Group's price objective points to a potential upside of 9.74% from the company's current price.

Several other equities analysts also recently commented on the company. Williams Trading upgraded ON from a "hold" rating to a "buy" rating and increased their target price for the company from $40.00 to $60.00 in a research report on Wednesday, November 13th. Robert W. Baird increased their target price on ON from $55.00 to $63.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. Needham & Company LLC reissued a "buy" rating and issued a $64.00 price target on shares of ON in a research note on Wednesday, January 15th. BTIG Research raised ON from a "neutral" rating to a "buy" rating and set a $64.00 price target for the company in a research note on Wednesday, November 13th. Finally, Truist Financial increased their price target on ON from $58.00 to $61.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $59.73.

ON Stock Down 0.8 %

ON stock traded down $0.43 during trading hours on Wednesday, hitting $51.94. The stock had a trading volume of 5,120,818 shares, compared to its average volume of 3,344,015. The stock has a market cap of $32.70 billion, a price-to-earnings ratio of 120.79, a P/E/G ratio of 1.20 and a beta of 2.30. ON has a one year low of $27.37 and a one year high of $64.05. The business's 50 day simple moving average is $56.89 and its 200-day simple moving average is $51.49.

Institutional Investors Weigh In On ON

A number of hedge funds have recently added to or reduced their stakes in the company. Bison Wealth LLC grew its stake in ON by 35.7% in the fourth quarter. Bison Wealth LLC now owns 9,291 shares of the company's stock valued at $509,000 after acquiring an additional 2,442 shares during the period. PDT Partners LLC grew its stake in ON by 253.8% in the fourth quarter. PDT Partners LLC now owns 78,993 shares of the company's stock valued at $4,326,000 after acquiring an additional 56,669 shares during the period. Schonfeld Strategic Advisors LLC grew its stake in ON by 695.4% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 149,900 shares of the company's stock valued at $8,210,000 after acquiring an additional 131,054 shares during the period. The Manufacturers Life Insurance Company grew its stake in ON by 10.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 483,071 shares of the company's stock valued at $26,458,000 after acquiring an additional 44,969 shares during the period. Finally, Gerber Kawasaki Wealth & Investment Management grew its stake in ON by 14.7% in the fourth quarter. Gerber Kawasaki Wealth & Investment Management now owns 62,281 shares of the company's stock valued at $3,411,000 after acquiring an additional 7,960 shares during the period. Institutional investors and hedge funds own 36.39% of the company's stock.

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.