Telsey Advisory Group Issues Pessimistic Forecast for ON (NYSE:ONON) Stock Price

ON (NYSE:ONON) had its target price dropped by research analysts at Telsey Advisory Group from $65.00 to $60.00 in a research note issued on Wednesday, MarketBeat.com reports. The firm currently has an “outperform” rating on the stock. Telsey Advisory Group’s target price points to a potential upside of 67.54% from the company’s current price.

ONON has been the subject of a number of other research reports. Truist Financial dropped their target price on ON from $65.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. KeyCorp reiterated an “overweight” rating on shares of ON in a report on Wednesday, March 4th. Guggenheim lowered their price objective on ON from $59.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Piper Sandler restated an “overweight” rating on shares of ON in a research report on Friday, December 5th. Finally, Barclays reduced their target price on shares of ON from $60.00 to $57.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.24.

ON Price Performance

Shares of ONON stock traded down $3.78 during trading hours on Wednesday, reaching $35.81. 7,098,734 shares of the company were exchanged, compared to its average volume of 5,410,555. The company has a market cap of $22.85 billion, a price-to-earnings ratio of 49.90, a P/E/G ratio of 0.79 and a beta of 2.14. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.71 and a quick ratio of 2.13. The stock’s fifty day moving average is $43.96 and its two-hundred day moving average is $43.87. ON has a fifty-two week low of $34.38 and a fifty-two week high of $61.29.

Insider Activity at ON

In other news, CEO Martin Hoffmann sold 4,150 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $39.79, for a total value of $165,128.50. Following the sale, the chief executive officer directly owned 1,357,020 shares in the company, valued at approximately $53,995,825.80. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Hedge Funds Weigh In On ON

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of ON during the 2nd quarter valued at approximately $138,641,000. Great Point Wealth Advisors LLC bought a new stake in ON in the third quarter worth $1,607,000. Lecap Asset Management Ltd. bought a new stake in ON in the third quarter worth $1,473,000. Winslow Capital Management LLC purchased a new stake in ON during the second quarter valued at $248,113,000. Finally, Sands Capital Management LLC lifted its position in ON by 46.7% during the third quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company’s stock valued at $286,685,000 after purchasing an additional 2,155,083 shares during the last quarter. 36.39% of the stock is currently owned by institutional investors and hedge funds.

About ON

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.