William Blair Reaffirms “Market Perform” Rating for ON (NYSE:ONON)

ON (NYSE:ONON)‘s stock had its “market perform” rating restated by analysts at William Blair in a note issued to investors on Tuesday, MarketBeat reports.

ONON has been the topic of several other reports. UBS Group dropped their price target on shares of ON from $85.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th. JPMorgan Chase & Co. started coverage on ON in a research report on Thursday, July 2nd. They set an “overweight” rating and a $51.00 price objective for the company. Wall Street Zen lowered ON from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Raymond James Financial raised ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 price target on the stock in a research note on Thursday, April 23rd. Finally, KeyCorp reaffirmed an “overweight” rating on shares of ON in a research note on Monday. Two research 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 issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.42.

ON Stock Performance

ONON traded down $8.01 on Tuesday, hitting $30.77. 28,821,788 shares of the company’s stock were exchanged, compared to its average volume of 5,902,707. The firm has a market cap of $19.63 billion, a PE ratio of 33.15, a P/E/G ratio of 0.69 and a beta of 2.12. The stock has a fifty day moving average of $37.31 and a two-hundred day moving average of $38.91. ON has a twelve month low of $30.11 and a twelve month high of $52.20. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26.

ON (NYSE:ONON) last released its quarterly earnings results on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.11. ON had a net margin of 7.92% and a return on equity of 15.72%. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the previous year, the firm earned $0.21 EPS. ON’s revenue was up 14.5% on a year-over-year basis. On average, research analysts anticipate that ON will post 1.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Caspar Felix Coppetti purchased 60,000 shares of ON stock in a transaction on Thursday, May 14th. The stock was bought at an average price of $36.64 per share, with a total value of $2,198,400.00. Following the completion of the transaction, the chief executive officer directly owned 2,375,855 shares of the company’s stock, valued at approximately $87,051,327.20. This represents a 2.59% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Michael Allemann acquired 60,000 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the purchase, the chief executive officer directly owned 2,841,108 shares in the company, valued at $104,069,786.04. This represents a 2.16% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 180,000 shares of company stock valued at $6,594,000 over the last three months.

Hedge Funds Weigh In On ON

Institutional investors and hedge funds have recently bought and sold shares of the stock. Platinum Paramount Investment LTD. bought a new position in ON during the fourth quarter valued at about $525,784,000. Sinvest Investments II Ltd. acquired a new position in ON during the fourth quarter worth $390,432,000. Morgan Stanley increased its position in shares of ON by 40.9% during the 4th quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock worth $1,121,092,000 after purchasing an additional 6,997,455 shares in the last quarter. FengHe Fund Management Pte. Ltd. acquired a new stake in shares of ON during the fourth quarter worth approximately $142,425,000. Finally, Norges Bank acquired a new stake in shares of ON in the fourth quarter valued at $128,826,000. Institutional investors own 36.39% of the company’s stock.

Key Headlines Impacting 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

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.