ON (NYSE:ONON) Price Target Raised to $62.00

ON (NYSE:ONON - Get Free Report) had its target price raised by investment analysts at Williams Trading from $60.00 to $62.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Williams Trading's price objective suggests a potential upside of 32.76% from the stock's current price.

Several other equities research analysts have also issued reports on the company. TD Cowen lifted their price target on ON from $65.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. UBS Group reiterated a "buy" rating and issued a $63.00 price objective on shares of ON in a report on Friday, December 27th. Bank of America started coverage on ON in a report on Tuesday, January 7th. They issued a "buy" rating and a $73.00 price objective on the stock. Truist Financial lifted their price objective on ON from $58.00 to $61.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Finally, KeyCorp lifted their price objective on ON from $60.00 to $68.00 and gave the stock an "overweight" rating in a report on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $61.62.

ON Price Performance

ONON stock traded down $2.83 during mid-day trading on Tuesday, hitting $46.70. 6,559,942 shares of the stock were exchanged, compared to its average volume of 4,552,856. The business has a fifty day moving average price of $55.07 and a 200 day moving average price of $52.48. ON has a 12 month low of $27.37 and a 12 month high of $64.05. The stock has a market capitalization of $29.40 billion, a price-to-earnings ratio of 108.61, a PEG ratio of 1.02 and a beta of 2.35.

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Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. FMR LLC raised its position in shares of ON by 1.6% in the 4th quarter. FMR LLC now owns 28,875,965 shares of the company's stock worth $1,581,537,000 after acquiring an additional 462,738 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of ON by 2.8% in the 4th quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company's stock worth $951,808,000 after acquiring an additional 471,805 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of ON by 0.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,361,491 shares of the company's stock worth $184,109,000 after acquiring an additional 18,752 shares in the last quarter. Norges Bank bought a new position in shares of ON in the 4th quarter worth approximately $164,574,000. Finally, Jennison Associates LLC raised its position in shares of ON by 27.4% in the 4th quarter. Jennison Associates LLC now owns 2,049,644 shares of the company's stock worth $112,259,000 after acquiring an additional 440,685 shares in the last quarter. Institutional investors 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.