TD Cowen Forecasts Strong Price Appreciation for ON (NYSE:ONON) Stock

ON (NYSE:ONON) had its price objective raised by equities research analysts at TD Cowen from $65.00 to $66.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 18.83% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Barclays raised their price objective on shares of ON from $47.00 to $63.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Williams Trading upgraded shares of ON from a “hold” rating to a “buy” rating and boosted their price objective for the company from $40.00 to $60.00 in a report on Wednesday, November 13th. Piper Sandler upped their target price on shares of ON from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, October 3rd. BTIG Research upgraded shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Wednesday, November 13th. Finally, Truist Financial upped their price objective on shares of ON from $58.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

ON Price Performance

ONON opened at $55.54 on Wednesday. The company’s 50 day simple moving average is $54.94 and its two-hundred day simple moving average is $47.97. The firm has a market capitalization of $34.97 billion, a price-to-earnings ratio of 129.17 and a beta of 2.30. ON has a 1-year low of $26.03 and a 1-year high of $60.12.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ONON. Private Trust Co. NA acquired a new position in ON during the third quarter worth $26,000. Blue Trust Inc. grew its stake in shares of ON by 319.8% during the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company’s stock worth $27,000 after purchasing an additional 403 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in shares of ON by 210.5% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock valued at $28,000 after purchasing an additional 400 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of ON in the third quarter valued at about $29,000. Finally, Quarry LP purchased a new stake in ON during the second quarter worth about $32,000. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

About ON

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.