Wolfe Research Initiates On (ONON) at Outperform

Wolfe Research's Call on On Holding AG

Wolfe Research initiated coverage on On Holding AG NYSE:ONON on October 22, 2026, setting an Outperform rating and a $47.00 price target on the footwear maker's stock. The shares closed at $33.98 on the day of the announcement. Because this is a fresh initiation of coverage, the research note establishes a baseline price objective for the Zurich-based sneaker brand without a previous target for comparison.

ONON On Holding AG

$33.97 ▼ -27.65% year to date

1M 3M YTD

Daily close · Oct 22, 2026

Other Institutional Activity in On Holding AG

Large funds adjusted their positions in On Holding AG earlier in the year. BAMCO Inc. grew its holdings by 7,215,092 shares, ending with 16,929,770 shares worth about $575.27 million. Lone Pine Capital Llc increased its stake by 6,640,015 shares to finish with 13,280,030 shares valued at roughly $451.26 million. Platinum Paramount Investment Ltd. kept its position steady at 11,312,048 shares worth about $384.38 million. Sinvest Investments II Ltd. held onto its 8,400,000 shares valued at approximately $285.43 million. Sands Capital Management, LLC lifted its stake by 1,159,476 shares, closing out the period with 7,485,043 shares worth about $254.34 million.

On Holding AG Stock Down 0.6%

Shares of On Holding AG recently traded around $34.00 as of October 22, 2026, sitting roughly 0.1% above their event-day close. The stock trades about 11.5% above its 50-day moving average of $30.49, though it remains about 8.5% below its 200-day moving average of $37.15. The recent price is down 33.4% from its 52-week high of $51.08 and up 29.0% from its 52-week low of $26.37.

Recent Earnings

The company generated $3.22 billion in trailing-twelve-month revenue with basic earnings of $1.50 per share. Profitability metrics show a net margin of 12.3% and a return on equity of 24.0%, paired with year-over-year revenue growth of 13.5%. The next earnings report is scheduled for November 11, 2026.

Insider Buying and Selling at On Holding AG

Company insiders recorded multiple stock transactions over recent months. Helena Helmersson sold 452 shares on June 25, 2026, at an average price of $36.92 for a total value of $16,687.84. Chief Executive Officer Caspar Felix Coppetti bought 65,000 shares on August 14, 2026, at $30.67 per share, totaling $1,993,790.00. Later, on September 8, 2026, Chief Operating Officer Scott Andrew Maguire sold 1,475 shares at $27.74 for $40,919.00, and Chief Financial Officer Frank Sluis sold 687 shares at the same price of $27.74 for a total of $19,059.00.

Analysts Set New Price Targets

Wall Street firms updated their outlooks ahead of the recent coverage. BMO Capital maintained a Market Perform rating on September 24, 2026, while lifting its target from $28.00 to $33.00. Barclays kept an Overweight rating on September 24, 2026, raising its target from $42.00 to $44.00. JP Morgan maintained an Overweight rating on October 1, 2026, pushing its target from $41.00 to $44.00. Raymond James maintained an Outperform rating on October 16, 2026, moving its target from $38.00 to $42.00. Across the broader analyst community, the stock carries a consensus buy recommendation from 30 analysts, with a mean price target of $43.89.

About On Holding AG

On Holding AG, headquartered in Zurich, Switzerland, designs and distributes athletic footwear, apparel, and accessories under the On brand. The company serves customers globally across markets in Europe, the Americas, and Asia-Pacific, offering specialized gear for running, outdoor activities, tennis, training, and everyday wear.

Bottom Line

Investors are watching for the upcoming earnings announcement on November 11, 2026, to gauge whether the footwear maker's growth matches the expectations set by Wall Street analysts. Wolfe Research's new Outperform rating adds to positive sentiment surrounding the consumer brand as it navigates the back half of the fiscal year.