ON Semiconductor (NASDAQ:ON) Price Target Raised to $80.00 at Needham & Company LLC

ON Semiconductor (NASDAQ:ON – Get Rating) had its price objective upped by Needham & Company LLC from $60.00 to $80.00 in a research note issued to investors on Tuesday, Benzinga reports. Needham & Company LLC currently has a strong-buy rating on the semiconductor company’s stock.

Several other analysts have also issued reports on the stock. Truist Financial dropped their price target on shares of ON Semiconductor from $73.00 to $65.00 and set a buy rating on the stock in a research report on Friday, April 8th. Susquehanna Bancshares increased their price objective on shares of ON Semiconductor from $77.00 to $82.00 and gave the stock a positive rating in a research note on Tuesday. The Goldman Sachs Group increased their target price on shares of ON Semiconductor from $60.00 to $68.00 and gave the stock a buy rating in a report on Tuesday. B. Riley raised their price objective on shares of ON Semiconductor from $77.00 to $80.00 and gave the company a buy rating in a report on Tuesday. Finally, Cowen raised their price target on shares of ON Semiconductor from $65.00 to $81.00 and gave the stock an outperform rating in a report on Tuesday. One analyst has rated the stock with a sell rating, seven have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $72.23.

ON Semiconductor Stock Performance

NASDAQ ON opened at $67.63 on Tuesday. The company’s fifty day moving average is $57.43 and its two-hundred day moving average is $57.60. The firm has a market capitalization of $29.30 billion, a price-to-earnings ratio of 17.52, a P/E/G ratio of 0.52 and a beta of 1.82. ON Semiconductor has a 52-week low of $40.85 and a 52-week high of $71.25. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.79 and a quick ratio of 1.83.

ON Semiconductor (NASDAQ:ON – Get Rating) last announced its earnings results on Monday, August 1st. The semiconductor company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.08. ON Semiconductor had a net margin of 22.60% and a return on equity of 41.43%. The company had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the previous year, the firm posted $0.63 earnings per share. The company’s revenue was up 24.9% on a year-over-year basis. Equities research analysts forecast that ON Semiconductor will post 5.13 EPS for the current year.

Insider Buying and Selling at ON Semiconductor

In other news, EVP Vince Craig Hopkin sold 6,296 shares of the company’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $52.10, for a total value of $328,021.60. Following the sale, the executive vice president now owns 169,073 shares in the company, valued at $8,808,703.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Vince Craig Hopkin sold 6,296 shares of the company’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $52.10, for a total value of $328,021.60. Following the sale, the executive vice president now owns 169,073 shares in the company, valued at $8,808,703.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hassane El-Khoury sold 20,000 shares of the company’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $56.17, for a total value of $1,123,400.00. Following the completion of the sale, the chief executive officer now owns 261,162 shares in the company, valued at approximately $14,669,469.54. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On ON Semiconductor

A number of hedge funds have recently made changes to their positions in ON. Brighton Jones LLC grew its position in shares of ON Semiconductor by 1.5% in the second quarter. Brighton Jones LLC now owns 11,100 shares of the semiconductor company’s stock valued at $558,000 after purchasing an additional 166 shares in the last quarter. NorthCrest Asset Manangement LLC grew its position in ON Semiconductor by 2.0% in the first quarter. NorthCrest Asset Manangement LLC now owns 10,300 shares of the semiconductor company’s stock worth $645,000 after acquiring an additional 200 shares during the period. Geneos Wealth Management Inc. grew its position in ON Semiconductor by 28.4% in the second quarter. Geneos Wealth Management Inc. now owns 905 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 200 shares during the period. Glassman Wealth Services grew its position in ON Semiconductor by 29.5% in the second quarter. Glassman Wealth Services now owns 949 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 216 shares during the period. Finally, AlphaMark Advisors LLC grew its position in ON Semiconductor by 1.6% in the first quarter. AlphaMark Advisors LLC now owns 14,008 shares of the semiconductor company’s stock worth $877,000 after acquiring an additional 217 shares during the period. Institutional investors and hedge funds own 92.86% of the company’s stock.

ON Semiconductor Company Profile

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onsemi is engaged in disruptive innovations and also a supplier of power and analog semiconductors. The firm offers vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure, with a focus on automotive and industrial end-markets. It operates through the following segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.