Analysts at Needham & Company LLC have reaffirmed their “buy” rating for ON Holding AG (NYSE: ONON), as detailed in a research note released to investors on Wednesday. The firm has set a price target of $52.00 for the stock, indicating a potential upside of approximately 16.54% from its current trading price.
The reaffirmation by Needham comes amid a flurry of activity from various equity analysts regarding ON’s stock. Notably, JPMorgan Chase & Co. raised its price objective for ON from $71.00 to $75.00, assigning the stock an “overweight” rating in a report dated November 13, 2023. Conversely, Zacks Research downgraded ON from a “strong-buy” rating to a “hold” rating on January 12, 2023.
In a separate report, UBS Group also reaffirmed a “buy” rating for ON on January 5, 2023. Meanwhile, Williams Trading adjusted its outlook, downgrading the stock from a “buy” to a “hold” and reducing its price target from $55.00 to $47.00 on January 8, 2023. Additionally, The Goldman Sachs Group increased its target price from $50.00 to $52.00, while giving the stock a “neutral” rating on November 13, 2023.
Current consensus ratings for ON’s stock reflect a balanced perspective, with three analysts rating it as a “Strong Buy,” seventeen issuing a “Buy” rating, three providing a “Hold” rating, and two suggesting a “Sell.” According to data compiled by MarketBeat, ON currently holds a consensus rating of “Moderate Buy” with a consensus price target of $59.86.
Institutional Investors Active in ON Holdings
Recent activity among institutional investors has shown a mix of new acquisitions and adjustments to existing stakes in ON. For instance, Washington Trust Advisors Inc. entered the market with a new stake valued at approximately $29,000 during the second quarter. Similarly, United Financial Planning Group LLC acquired a new position worth around $42,000 in the third quarter.
Horizon Investments LLC also made a notable entry, purchasing shares valued at approximately $44,000. In a significant increase, GAMMA Investing LLC expanded its position by 5,888.9% in the third quarter, now holding 1,078 shares worth about $46,000 after adding 1,060 shares to its portfolio.
Additionally, Ramirez Asset Management Inc. boosted its stake by 20.0% in the second quarter, owning 1,200 shares valued at $62,000 following a purchase of an additional 200 shares. Currently, institutional investors hold 36.39% of ON’s stock.
About ON Holding AG
Founded in 2010 and headquartered in Zurich, ON is a Swiss performance footwear and apparel company. The firm specializes in designing, developing, and selling running shoes, performance apparel, and accessories aimed at both serious athletes and lifestyle consumers. ON is particularly recognized for its innovative midsole technology and unique sole architecture, prominently featured in its popular Cloud family of shoes and related performance lines.
As ON continues to navigate the competitive landscape of athletic footwear, analysts’ insights and institutional investments will likely play a crucial role in shaping the company’s market trajectory.
