Needham & Company LLC Lowers ON (NYSE:ONON) Price Target to $50.00

ON (NYSE:ONON) had its price objective dropped by stock analysts at Needham & Company LLC from $64.00 to $50.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 17.79% from the company’s previous close.

Other equities analysts have also issued reports about the company. Hsbc Global Res raised ON from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. Morgan Stanley increased their price objective on shares of ON from $62.00 to $66.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Barclays upped 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. HSBC upgraded ON from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Tuesday, March 11th. Finally, Jefferies Financial Group started coverage on ON in a report on Tuesday. They issued a “hold” rating and a $44.00 price objective for the company. Three 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.45.

ON Stock Down 3.3 %

ONON stock traded down $1.47 during midday trading on Tuesday, reaching $42.45. The company had a trading volume of 3,258,090 shares, compared to its average volume of 4,371,345. The firm has a market capitalization of $26.73 billion, a PE ratio of 98.54, a P/E/G ratio of 1.02 and a beta of 2.35. The stock has a 50 day moving average price of $51.85 and a 200 day moving average price of $52.68. ON has a fifty-two week low of $29.84 and a fifty-two week high of $64.05.

Institutional Trading of ON

Several large investors have recently added to or reduced their stakes in ONON. Norges Bank acquired a new stake in shares of ON in the 4th quarter valued at $164,574,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of ON in the fourth quarter worth about $78,799,000. Axiom Investors LLC DE bought a new stake in shares of ON during the 4th quarter worth about $39,320,000. BNP Paribas Financial Markets acquired a new position in shares of ON during the 4th quarter valued at about $39,119,000. Finally, Raymond James Financial Inc. bought a new position in shares of ON in the 4th quarter valued at approximately $28,575,000. 36.39% of the stock is owned by institutional investors.

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.