ON (NYSE:ONON) Downgraded to Neutral Rating by The Goldman Sachs Group

ON (NYSE:ONON) was downgraded by investment analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday,Briefing.com Automated Import reports. They currently have a $57.00 price objective on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 5.39% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Stifel Nicolaus boosted their target price on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. TD Cowen boosted their price target on shares of ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. BTIG Research upgraded shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Wednesday, November 13th. Barclays boosted their price target 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. Finally, Truist Financial boosted their price target on shares of ON from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.73.

ON Stock Down 2.9 %

ONON stock opened at $54.08 on Wednesday. The stock has a market capitalization of $34.05 billion, a P/E ratio of 125.78, a P/E/G ratio of 1.20 and a beta of 2.30. The firm has a 50-day simple moving average of $57.25 and a 200-day simple moving average of $51.38. ON has a 52 week low of $27.37 and a 52 week high of $64.05.

Institutional Investors Weigh In On ON

Several large investors have recently added to or reduced their stakes in ONON. Truist Financial Corp purchased a new stake in ON during the 2nd quarter worth approximately $463,000. Creative Planning increased its stake in ON by 6.6% during the 3rd quarter. Creative Planning now owns 18,779 shares of the company’s stock worth $942,000 after buying an additional 1,160 shares during the period. Sentry LLC purchased a new stake in ON during the 3rd quarter worth approximately $251,000. Tsfg LLC purchased a new stake in shares of ON in the 3rd quarter valued at approximately $69,000. Finally, nVerses Capital LLC purchased a new stake in shares of ON in the 3rd quarter valued at approximately $65,000. 36.39% of the stock is owned by hedge funds and other institutional investors.

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.