Sudhir Gopalswamy, Group President of AMG & ISG at ON Semiconductor Corp (NASDAQ:ON), recently sold 21,082 shares of the company's common stock. The transaction, which took place on December 17, 2024, was executed at a weighted average price of approximately $67.64 per share, resulting in a total sale value of about $1.43 million. Following this sale, Gopalswamy retains ownership of 94,774 shares, which includes an additional 175 shares acquired through the company's Employee Stock Purchase Plan. Based on InvestingPro's Fair Value analysis, ON Semiconductor appears undervalued at its current trading price of $64.93, with analyst targets ranging from $55 to $107. Subscribers can access 10 additional ProTips and a comprehensive Pro Research Report for deeper insights into ON's financial outlook.
In other recent news, Onsemi has seen a strengthening of its partnership with Denso, leading to an anticipated increase in autonomous driving and driver assistance technologies. This collaboration has led Denso to announce its intent to acquire an unspecified number of Onsemi shares. In separate news, Wells Fargo (NYSE:WFC) has initiated coverage on Onsemi, issuing an Overweight rating and expressing optimism about the company's growth prospects, particularly in the silicon carbide (SiC) market. The firm projects a significant acceleration in SiC revenue growth by 2025, reaching approximately $1.1 billion.
Onsemi's new Treo Platform has also been making significant strides, with the company's management setting an ambitious revenue target of $1 billion by 2030. This platform has been well-received by analysts, with firms such as Needham and Deutsche Bank (ETR:DBKGn) maintaining a Buy rating for Onsemi. The company reported a slight increase in its third-quarter earnings, with revenue rising to $1.76 billion.
Loop Capital has also initiated coverage on Onsemi, assigning a Buy rating and highlighting the company's strong position in the automotive market. For the fourth quarter, Onsemi anticipates revenue to fall between $1.71 billion and $1.81 billion. Despite these recent developments, Baird has expressed caution about the pace of recovery and high inventories, maintaining a Neutral stance on the stock.
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