onsemi (NASDAQ:ON) Stock Gets Price Target Cut from Rosenblatt Securities

onsemi (NASDAQ:ON) had its target price trimmed by Rosenblatt Securities from $85.00 to $80.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the semiconductor company’s stock.

ON has been the subject of a number of other research reports. Truist Financial cut their price target on shares of onsemi from $91.00 to $75.00 and set a “hold” rating for the company in a report on Friday, September 18th. Robert W. Baird lifted their price objective on shares of onsemi from $100.00 to $108.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. TD Cowen decreased their price objective on shares of onsemi from $95.00 to $75.00 and set a “hold” rating on the stock in a research note on Monday, October 19th. Stonex Financial upgraded shares of onsemi to a “strong-buy” rating in a research report on Wednesday, October 14th. Finally, Craig Hallum upgraded onsemi from a “hold” rating to a “buy” rating and upped their target price for the stock from $60.00 to $85.00 in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and sixteen have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $95.03.

onsemi Stock Down 11.6%

ON stock opened at $63.01 on Tuesday. The company has a market cap of $24.53 billion, a PE ratio of 36.63, a price-to-earnings-growth ratio of 0.57 and a beta of 2.11. The business has a 50-day simple moving average of $74.45 and a 200 day simple moving average of $82.14. onsemi has a 52 week low of $44.56 and a 52 week high of $134.92. The company has a quick ratio of 2.49, a current ratio of 3.55 and a debt-to-equity ratio of 0.49.

onsemi (NASDAQ:ON) last posted its quarterly earnings data on Monday, November 2nd. The semiconductor company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.02. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.71 billion. onsemi had a net margin of 10.82% and a return on equity of 15.53%. onsemi’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.63 earnings per share. Sell-side analysts anticipate that onsemi will post 3.27 EPS for the current fiscal year.

Insider Activity

In related news, insider Sudhir Gopalswamy sold 15,578 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $80.00, for a total value of $1,246,240.00. Following the completion of the transaction, the insider owned 158,177 shares in the company, valued at $12,654,160. This trade represents a 8.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On onsemi

Several institutional investors and hedge funds have recently added to or reduced their stakes in ON. Engineers Gate Manager LP increased its stake in onsemi by 570.3% in the second quarter. Engineers Gate Manager LP now owns 304,377 shares of the semiconductor company’s stock valued at $28,776,000 after purchasing an additional 258,968 shares in the last quarter. Iridian Asset Management LLC CT raised its holdings in shares of onsemi by 20.8% during the third quarter. Iridian Asset Management LLC CT now owns 88,134 shares of the semiconductor company’s stock valued at $6,775,000 after purchasing an additional 15,155 shares during the period. Baird Financial Group Inc. bought a new position in shares of onsemi during the 2nd quarter worth about $680,000. Counterpoint Mutual Funds LLC bought a new position in shares of onsemi during the 3rd quarter worth about $10,637,000. Finally, First Citizens Bank & Trust Co. acquired a new stake in shares of onsemi in the 3rd quarter valued at about $635,000. 97.70% of the stock is currently owned by institutional investors and hedge funds.

onsemi News Summary

Here are the key news stories impacting onsemi this week:

• Positive Sentiment: onsemi reported its fourth consecutive earnings beat, while data-center sales reportedly surged 175%. The company’s planned $600 million acquisition of Ferric is intended to strengthen its power-delivery technology for AI processors. Onsemi AI data-center sales and valuation
• Neutral Sentiment: Investors are weighing whether fast-growing AI demand can become a durable growth driver for onsemi, or whether it is insufficient to offset weakness elsewhere in the business.
• Negative Sentiment: Semiconductor peers also fell in a post-midterm retreat from AI-chip stocks, adding sector-wide pressure despite no new company-specific negative catalyst reported for onsemi. AI-chip stocks slide
• Negative Sentiment: Reports that onsemi is delaying some automakers’ inventory restocking while prioritizing AI and industrial customers raise concerns about near-term auto demand. Several analysts have also taken a more cautious view, including Mizuho and Goldman Sachs, which lowered expectations for the stock. Onsemi delays auto restocking as AI sales jump Mizuho forecast

About onsemi

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. The Power Solutions Group segment offers discrete, module, and semiconductor products that perform multiple application functions, including power switching, power conversion, signal conditioning, circuit protection, signal amplification, and voltage reference functions.