Needham & Company LLC Has Lowered Expectations for Onsemi (NASDAQ:ON) Stock Price

Onsemi (NASDAQ:ON) had its target price decreased by Needham & Company LLC from $92.00 to $87.00 in a report released on Tuesday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the semiconductor company’s stock.

A number of other equities analysts have also recently issued reports on ON. BNP Paribas cut their target price on shares of Onsemi from $60.00 to $55.00 in a research report on Friday, October 25th. KeyCorp cut their price objective on shares of Onsemi from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Benchmark reissued a “buy” rating and issued a $90.00 price objective on shares of Onsemi in a research report on Tuesday. Mizuho set a $85.00 price objective on shares of Onsemi in a research report on Friday, October 18th. Finally, Bank of America boosted their price objective on shares of Onsemi from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $85.91.

Onsemi Stock Down 4.3 %

Shares of NASDAQ ON opened at $70.49 on Tuesday. The company has a quick ratio of 1.95, a current ratio of 3.07 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $30.01 billion, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 7.89 and a beta of 1.65. The firm has a 50-day moving average price of $71.43 and a 200 day moving average price of $71.49. Onsemi has a 52 week low of $59.34 and a 52 week high of $86.77.

Onsemi (NASDAQ:ON) last announced its earnings results on Monday, October 28th. The semiconductor company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.02. The company had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. Onsemi had a net margin of 23.80% and a return on equity of 22.38%. The firm’s quarterly revenue was down 19.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.39 earnings per share. Equities research analysts anticipate that Onsemi will post 4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Onsemi news, CEO Hassane El-Khoury sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $72.71, for a total transaction of $109,065.00. Following the completion of the sale, the chief executive officer now directly owns 839,210 shares in the company, valued at $61,018,959.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.31% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Mediolanum International Funds Ltd purchased a new position in shares of Onsemi in the first quarter valued at $2,447,000. Assenagon Asset Management S.A. boosted its stake in shares of Onsemi by 690.2% in the second quarter. Assenagon Asset Management S.A. now owns 101,318 shares of the semiconductor company’s stock valued at $6,945,000 after purchasing an additional 88,496 shares during the period. Norden Group LLC acquired a new stake in Onsemi in the first quarter valued at $774,000. Axxcess Wealth Management LLC acquired a new stake in Onsemi in the first quarter valued at $808,000. Finally, Meeder Asset Management Inc. raised its holdings in Onsemi by 42.9% in the first quarter. Meeder Asset Management Inc. now owns 26,029 shares of the semiconductor company’s stock valued at $1,914,000 after acquiring an additional 7,820 shares in the last quarter. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

Onsemi Company Profile

onsemi is engaged in disruptive innovations and also a supplier of power and analog semiconductors. The firm offers vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure, with a focus on automotive and industrial end-markets. It operates through the following segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.