ON (NYSE:ONON) Shares Gap Up to $42.00

On Holding AG (NYSE:ONON)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $42.00, but opened at $43.17. ON shares last traded at $42.84, with a volume of 395,159 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Morgan Stanley upped their price target on shares of ON from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, May 15th. Barclays upped their price target on shares of ON from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, May 15th. Needham & Company LLC increased their price objective on shares of ON from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. William Blair started coverage on shares of ON in a research note on Tuesday, April 16th. They issued an “outperform” rating on the stock. Finally, UBS Group increased their price objective on shares of ON from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Three analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, ON has a consensus rating of “Moderate Buy” and an average price target of $41.13.

ON Price Performance

The firm has a market capitalization of $26.66 billion, a PE ratio of 96.24, a P/E/G ratio of 1.25 and a beta of 2.27. The company’s fifty day simple moving average is $35.35 and its 200-day simple moving average is $31.87.

ON (NYSE:ONON) last posted its quarterly earnings data on Tuesday, May 14th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.20. The business had revenue of $581.41 million for the quarter, compared to the consensus estimate of $555.52 million. ON had a net margin of 6.46% and a return on equity of 11.13%. Analysts forecast that On Holding AG will post 0.77 earnings per share for the current year.

Hedge Funds Weigh In On ON

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONON. William Blair Investment Management LLC purchased a new position in ON during the first quarter valued at $121,712,000. American Century Companies Inc. lifted its stake in shares of ON by 109.3% in the third quarter. American Century Companies Inc. now owns 6,566,787 shares of the company’s stock worth $182,688,000 after buying an additional 3,428,794 shares in the last quarter. Norges Bank purchased a new position in shares of ON in the fourth quarter worth about $57,916,000. Bamco Inc. NY lifted its stake in shares of ON by 243.0% in the third quarter. Bamco Inc. NY now owns 3,028,002 shares of the company’s stock worth $84,239,000 after buying an additional 2,145,318 shares in the last quarter. Finally, Jericho Capital Asset Management L.P. purchased a new position in shares of ON in the third quarter worth about $59,539,000. 33.11% of the stock is owned by hedge funds and other institutional investors.

ON Company Profile

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.