On Holding AG $ONON Shares Sold by Alliancebernstein L.P.

Alliancebernstein L.P. trimmed its holdings in On Holding AG (NYSE:ONON) by 48.7% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 9,756,483 shares of the company’s stock after selling 9,250,973 shares during the period. Alliancebernstein L.P. owned 1.55% of ON worth $413,187,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Norges Bank purchased a new stake in shares of ON during the second quarter worth approximately $138,641,000. Great Point Wealth Advisors LLC purchased a new position in ON in the 3rd quarter valued at $1,607,000. Geode Capital Management LLC acquired a new position in ON in the 2nd quarter valued at $70,152,000. Lecap Asset Management Ltd. acquired a new position in ON in the 3rd quarter valued at $1,473,000. Finally, Winslow Capital Management LLC purchased a new position in ON during the 2nd quarter worth $248,113,000. Institutional investors and hedge funds own 36.39% of the company’s stock.

ON Stock Performance

Shares of ONON opened at $37.97 on Monday. The company has a quick ratio of 2.13, a current ratio of 2.71 and a debt-to-equity ratio of 0.27. On Holding AG has a 52-week low of $34.38 and a 52-week high of $61.29. The company has a 50-day simple moving average of $45.33 and a 200-day simple moving average of $44.17. The company has a market capitalization of $24.23 billion, a PE ratio of 52.74, a P/E/G ratio of 0.76 and a beta of 2.14.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Piper Sandler restated an “overweight” rating on shares of ON in a research note on Friday, December 5th. UBS Group reiterated a “buy” rating on shares of ON in a research note on Thursday, February 19th. Telsey Advisory Group restated an “outperform” rating and issued a $65.00 price objective on shares of ON in a research report on Tuesday, March 3rd. Truist Financial lowered their price objective on ON from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of ON in a research report on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, ON has an average rating of “Moderate Buy” and an average target price of $59.48.

ON Company Profile

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.