ON (NYSE:ONON) Price Target Cut to $60.00 by Analysts at BTIG Research

ON (NYSE:ONON) had its price objective cut by equities researchers at BTIG Research from $70.00 to $60.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price target would indicate a potential upside of 94.87% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Raymond James Financial raised ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 price objective on the stock in a research report on Thursday, April 23rd. Telsey Advisory Group reduced their price target on shares of ON from $60.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Weiss Ratings reiterated a “hold (c-)” rating on shares of ON in a research note on Friday. Evercore restated an “outperform” rating and set a $46.00 price target on shares of ON in a research note on Friday. Finally, Guggenheim reissued a “buy” rating and issued a $51.00 target price on shares of ON in a research report on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, ON currently has an average rating of “Moderate Buy” and an average price target of $52.89.

ON Stock Down 20.6%

ONON stock traded down $7.99 during mid-day trading on Tuesday, reaching $30.79. 29,587,806 shares of the company traded hands, compared to its average volume of 5,902,707. The company has a quick ratio of 2.39, a current ratio of 2.98 and a debt-to-equity ratio of 0.26. The firm’s 50 day moving average price is $37.31 and its 200 day moving average price is $38.91. The stock has a market cap of $19.65 billion, a price-to-earnings ratio of 33.13, a P/E/G ratio of 0.69 and a beta of 2.12. ON has a fifty-two week low of $30.11 and a fifty-two week high of $52.20.

ON (NYSE:ONON) last posted its earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.11. ON had a return on equity of 15.72% and a net margin of 7.92%.The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter last year, the company earned $0.21 earnings per share. As a group, equities research analysts predict that ON will post 1.52 EPS for the current fiscal year.

Insider Activity

In related news, CEO David Michael Allemann bought 60,000 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were purchased at an average price of $36.63 per share, with a total value of $2,197,800.00. Following the purchase, the chief executive officer owned 2,841,108 shares of the company’s stock, valued at approximately $104,069,786.04. This trade represents a 2.16% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Olivier Bernhard purchased 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the purchase, the insider owned 5,163,184 shares of the company’s stock, valued at $189,127,429.92. This represents a 1.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have purchased 180,000 shares of company stock valued at $6,594,000.

Hedge Funds Weigh In On ON

A number of institutional investors have recently added to or reduced their stakes in the company. Bison Wealth LLC lifted its position in ON by 35.7% during the 4th quarter. Bison Wealth LLC now owns 9,291 shares of the company’s stock valued at $509,000 after acquiring an additional 2,442 shares during the period. Prudential Financial Inc. bought a new position in shares of ON during the second quarter valued at approximately $517,000. Invesco Ltd. increased its stake in shares of ON by 305.5% during the second quarter. Invesco Ltd. now owns 157,281 shares of the company’s stock valued at $8,186,000 after purchasing an additional 118,498 shares in the last quarter. Cresset Asset Management LLC lifted its holdings in shares of ON by 13.5% during the second quarter. Cresset Asset Management LLC now owns 7,232 shares of the company’s stock valued at $376,000 after purchasing an additional 860 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in shares of ON by 91.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,661 shares of the company’s stock worth $139,000 after purchasing an additional 1,273 shares in the last quarter. Institutional investors own 36.39% of the company’s stock.

Trending Headlines about ON

Here are the key news stories impacting ON this week:

• Positive Sentiment: Profitability remained strong. Second-quarter adjusted results included earnings of roughly $0.43–$0.44 per share, slightly above or in line with consensus, while gross margin improved to 65.4% and adjusted EBITDA margin reached 19.8%. Management also raised its full-year gross-margin expectation to at least 65.0%. On Holding Slides After Q2 Sales Missed Expectations Despite Strong Margins
• Positive Sentiment: Direct-to-consumer momentum continued. Second-quarter net sales rose 13.5% year over year to CHF 850.3 million, or 21.6% in constant currency. Direct-to-consumer sales increased 26.0% and represented 45.7% of revenue, supporting On’s premium-brand positioning. On Holding Q2 Earnings DTC Drives Sales Increase
• Neutral Sentiment: Full-year revenue guidance was approximately $4.4 billion to $4.5 billion, near the $4.5 billion analyst consensus. Management’s decision to limit wholesale sell-in may protect pricing and reduce promotions, but it also implies slower reported sales growth in the near term. On Holding Q2 2026 Earnings Call Transcript
• Negative Sentiment: Revenue missed expectations. Reported sales of about $1.05 billion came in below analysts’ roughly $1.09 billion estimate. Wholesale growth was only 4.8%, and foreign-exchange effects materially reduced the reported growth rate. On shares tumble after quarterly net sales miss
• Negative Sentiment: Tariff costs and cautious consumer spending added pressure, while Needham lowered its price target from $45 to $37, although it retained a Buy rating. The combination of a sales miss, subdued wholesale demand and reduced earnings visibility outweighed the strong margins, driving the selloff. Needham lowers On Holding price target

ON Company Profile

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.