Morgan Stanley Issues Positive Forecast for ON (NYSE:ONON) Stock Price

ON (NYSE:ONON) had its target price upped by Morgan Stanley from $39.00 to $43.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley‘s target price indicates a potential upside of 26.07% from the company’s previous close.

Several other research analysts also recently commented on ONON. Truist Financial cut their target price on ON from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Zacks Research raised ON from a “strong sell” rating to a “hold” rating in a research note on Monday, October 12th. BMO Capital Markets restated a “market perform” rating and set a $35.00 price objective on shares of ON in a research report on Wednesday, October 28th. Needham & Company LLC lifted their price objective on ON from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 23rd. Finally, Stifel Nicolaus cut their price objective on ON from $60.00 to $41.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, ON currently has an average rating of “Moderate Buy” and an average target price of $44.11.

ON Trading Down 1.7%

Shares of ONON stock traded down $0.59 during trading hours on Wednesday, hitting $34.11. 3,997,116 shares of the company’s stock traded hands, compared to its average volume of 7,387,598. The stock has a market cap of $21.76 billion, a PE ratio of 23.23, a price-to-earnings-growth ratio of 0.74 and a beta of 2.05. The stock’s 50 day simple moving average is $31.79 and its 200 day simple moving average is $36.41. The company has a quick ratio of 2.25, a current ratio of 2.83 and a debt-to-equity ratio of 0.25. ON has a 12 month low of $26.36 and a 12 month high of $51.08.

ON (NYSE:ONON) last issued its quarterly earnings data on Tuesday, November 10th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.18. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. ON had a net margin of 12.09% and a return on equity of 22.92%. ON’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 earnings per share. On average, sell-side analysts anticipate that ON will post 1.50 EPS for the current year.

Insider Activity

In other ON news, insider Olivier Bernhard bought 65,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the purchase, the insider directly owned 5,228,184 shares of the company’s stock, valued at approximately $160,348,403.28. This trade represents a 1.26% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Caspar Coppetti bought 65,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the purchase, the chief executive officer directly owned 2,440,855 shares of the company’s stock, valued at $74,861,022.85. This trade represents a 2.74% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Hedge Funds Weigh In On ON

Institutional investors and hedge funds have recently modified their holdings of the business. Pinnacle Wealth Planning Services Inc. grew its position in shares of ON by 5,181.2% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 845 shares of the company’s stock worth $25,000 after buying an additional 829 shares during the period. EverSource Wealth Advisors LLC boosted its stake in ON by 69.6% during the first quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock worth $26,000 after acquiring an additional 312 shares in the last quarter. Guardian Partners Inc. bought a new position in ON during the third quarter worth $41,000. Signaturefd LLC grew its holdings in ON by 29.5% in the third quarter. Signaturefd LLC now owns 1,598 shares of the company’s stock worth $47,000 after purchasing an additional 364 shares during the period. Finally, Covestor Ltd grew its holdings in ON by 39.5% in the third quarter. Covestor Ltd now owns 2,984 shares of the company’s stock worth $88,000 after purchasing an additional 845 shares during the period. 36.39% of the stock is currently owned by institutional investors.

Key Stories Impacting ON

These are some of the ONON stories that stood out recently:

• Positive Sentiment: ON reported record Q3 sales of CHF 931.4 million, up 17.2% year over year, and earnings per share above analyst expectations. Direct-to-consumer sales grew 25%, net income rose 36.9%, and apparel revenue was also strong. Article: On Holding Q3 2026 earnings
• Neutral Sentiment: Goldman Sachs lowered its price target to $41, while Cantor Fitzgerald initiated coverage with an Overweight rating and a $46 target—analysts differ on valuation, but several see potential upside. Article: Goldman Sachs lowers ONON price target
• Negative Sentiment: Investors may be concerned that Q3 profitability benefited from CHF 52.6 million in U.S. tariff refunds, a potentially one-time boost. ON also reiterated rather than raised its full-year sales-growth outlook, while wholesale growth trailed DTC growth. Inventory growth and risks around new product launches add uncertainty. Article: Investors look past Q3 beat

About ON

On Holding AG, which trades on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. Its products serve runners and other athletes, as well as consumers seeking athletic-inspired everyday wear. The company is known for its running shoes, which feature its CloudTec cushioning technology. On also offers apparel and equipment for activities including running, training and outdoor sports, selling through wholesale partners and its own retail and online channels.