Morgan Stanley Forecasts Strong Price Appreciation for ON (NYSE:ONON) Stock

ON (NYSE:ONON) had its price objective upped by equities researchers at Morgan Stanley from $62.00 to $65.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 8.74% from the stock’s current price.

Several other equities research analysts have also commented on ONON. Barclays boosted their price target on shares of ON from $47.00 to $63.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group upped their price target on shares of ON from $50.00 to $57.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Piper Sandler lifted their price objective on ON from $52.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, October 3rd. Needham & Company LLC reiterated a “buy” rating and set a $64.00 price target on shares of ON in a research report on Wednesday, January 15th. Finally, UBS Group reiterated a “buy” rating and issued a $63.00 price objective on shares of ON in a report on Friday, December 27th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, ON currently has a consensus rating of “Moderate Buy” and an average target price of $59.36.

ON Trading Up 3.1 %

ONON traded up $1.80 during trading on Tuesday, hitting $59.78. The company’s stock had a trading volume of 1,533,388 shares, compared to its average volume of 2,741,522. The firm has a market capitalization of $37.64 billion, a price-to-earnings ratio of 139.04, a P/E/G ratio of 1.19 and a beta of 2.30. ON has a twelve month low of $26.03 and a twelve month high of $60.12. The business’s fifty day simple moving average is $56.11 and its 200 day simple moving average is $49.06.

Hedge Funds Weigh In On ON

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cerity Partners LLC raised its stake in shares of ON by 189.9% in the third quarter. Cerity Partners LLC now owns 719,493 shares of the company’s stock valued at $36,083,000 after acquiring an additional 471,323 shares in the last quarter. Lord Abbett & CO. LLC grew its position in shares of ON by 338.3% during the third quarter. Lord Abbett & CO. LLC now owns 594,901 shares of the company’s stock worth $29,834,000 after buying an additional 459,157 shares in the last quarter. Fred Alger Management LLC increased its stake in shares of ON by 22.8% during the second quarter. Fred Alger Management LLC now owns 1,152,941 shares of the company’s stock worth $44,734,000 after buying an additional 213,815 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in ON in the third quarter worth approximately $10,263,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in ON during the 3rd quarter worth approximately $8,425,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

About ON

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.