Fred Alger Management LLC Sells 430,276 Shares of On Holding AG (NYSE:ONON)

Fred Alger Management LLC decreased its position in shares of On Holding AG (NYSE:ONON) by 37.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 722,665 shares of the company’s stock after selling 430,276 shares during the quarter. Fred Alger Management LLC owned approximately 0.11% of ON worth $36,242,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Verition Fund Management LLC boosted its stake in ON by 94.0% in the 3rd quarter. Verition Fund Management LLC now owns 125,878 shares of the company’s stock worth $6,313,000 after purchasing an additional 60,976 shares during the period. Rockefeller Capital Management L.P. boosted its stake in ON by 5.0% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 58,339 shares of the company’s stock worth $2,926,000 after purchasing an additional 2,755 shares during the period. Hantz Financial Services Inc. bought a new position in ON in the 3rd quarter worth about $1,128,000. CreativeOne Wealth LLC bought a new position in ON in the 3rd quarter worth about $665,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in ON in the 3rd quarter worth about $8,425,000. Institutional investors own 33.11% of the company’s stock.

ON Price Performance

Shares of ON stock opened at $57.90 on Friday. The business’s 50 day simple moving average is $50.99 and its two-hundred day simple moving average is $44.65. The stock has a market capitalization of $36.46 billion, a P/E ratio of 134.65 and a beta of 2.25. On Holding AG has a one year low of $25.78 and a one year high of $59.19.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. BTIG Research upgraded ON from a “neutral” rating to a “buy” rating and set a $64.00 target price for the company in a research note on Wednesday, November 13th. Stifel Nicolaus raised their target price on ON from $45.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Needham & Company LLC assumed coverage on ON in a report on Friday, November 22nd. They issued a “buy” rating and a $64.00 price target on the stock. Piper Sandler raised their price target on ON from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. Finally, Hsbc Global Res raised ON to a “hold” rating in a report on Thursday, September 5th. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.05.

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.