Needham & Company LLC Issues Pessimistic Forecast for ON (NYSE:ONON) Stock Price

ON (NYSE:ONON) had its price objective reduced by analysts at Needham & Company LLC from $64.00 to $50.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 17.79% from the company’s previous close.

A number of other equities research analysts have also weighed in on ONON. Barclays boosted their target price on ON from $63.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Telsey Advisory Group reaffirmed an “outperform” rating and set a $67.00 price objective on shares of ON in a report on Tuesday. The Goldman Sachs Group downgraded ON from a “buy” rating to a “neutral” rating and set a $57.00 target price for the company. in a report on Wednesday, February 12th. Bank of America initiated coverage on shares of ON in a research note on Tuesday, January 7th. They set a “buy” rating and a $73.00 price target on the stock. Finally, Stifel Nicolaus boosted their price objective on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.45.

ON Price Performance

Shares of ONON stock traded down $1.47 during mid-day trading on Tuesday, hitting $42.45. The stock had a trading volume of 3,258,090 shares, compared to its average volume of 4,371,345. ON has a fifty-two week low of $29.84 and a fifty-two week high of $64.05. The company’s 50-day simple moving average is $51.85 and its 200-day simple moving average is $52.68. The firm has a market cap of $26.73 billion, a PE ratio of 98.54, a PEG ratio of 1.02 and a beta of 2.35.

Hedge Funds Weigh In On ON

Several institutional investors and hedge funds have recently modified their holdings of ONON. Park Square Financial Group LLC purchased a new position in shares of ON during the 4th quarter worth $32,000. Legacy Bridge LLC purchased a new position in ON during the fourth quarter worth about $43,000. Bernard Wealth Management Corp. purchased a new stake in ON in the 4th quarter valued at about $44,000. Arcadia Investment Management Corp MI acquired a new position in shares of ON during the 4th quarter valued at about $53,000. Finally, VisionPoint Advisory Group LLC purchased a new position in shares of ON during the 4th quarter worth about $65,000. Hedge funds and other 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.