ON (NYSE:ONON) Given New $55.00 Price Target at Needham & Company LLC

ON (NYSE:ONON) had its price objective increased by Needham & Company LLC from $50.00 to $55.00 in a research note published on Wednesday morning, MarketBeat reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other equities analysts have also recently weighed in on the company. KeyCorp reduced their price target on ON from $68.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, April 29th. Piper Sandler decreased their target price on ON from $62.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, April 11th. TD Cowen upped their price objective on shares of ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Barclays boosted their target price on shares of ON from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Finally, UBS Group raised their price target on shares of ON from $56.00 to $59.00 and gave the company a “buy” rating in a research note on Monday, April 28th. Two equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $58.73.

ON Stock Performance

ONON stock opened at $49.46 on Wednesday. The firm’s fifty day moving average is $45.20 and its 200 day moving average is $51.42. The firm has a market cap of $31.14 billion, a PE ratio of 115.03, a P/E/G ratio of 1.02 and a beta of 2.30. ON has a one year low of $29.84 and a one year high of $64.05.

Hedge Funds Weigh In On ON

A number of hedge funds and other institutional investors have recently made changes to their positions in ONON. Diversified Trust Co acquired a new position in shares of ON during the 4th quarter worth $995,000. Watts Gwilliam & Co. LLC grew its holdings in shares of ON by 3.7% during the fourth quarter. Watts Gwilliam & Co. LLC now owns 64,830 shares of the company’s stock worth $3,584,000 after buying an additional 2,330 shares in the last quarter. Tsfg LLC lifted its stake in shares of ON by 143.6% during the 4th quarter. Tsfg LLC now owns 3,338 shares of the company’s stock worth $183,000 after purchasing an additional 1,968 shares during the period. Park Avenue Securities LLC increased its stake in shares of ON by 19.1% during the 4th quarter. Park Avenue Securities LLC now owns 16,006 shares of the company’s stock valued at $877,000 after acquiring an additional 2,565 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new position in shares of ON in the 4th quarter valued at $653,000. Hedge funds and other institutional investors 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.