Onto Innovation Inc. (NYSE:ONTO) Receives Consensus Rating of “Buy” from Analysts

Shares of Onto Innovation Inc. (NYSE:ONTO) have been given a consensus recommendation of “Buy” by the seven analysts that are covering the stock, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have covered the stock in the last year is $254.29.

A number of equities research analysts recently commented on the company. Oppenheimer reiterated an “outperform” rating and issued a $275.00 target price on shares of Onto Innovation in a research report on Tuesday, December 17th. Benchmark reissued a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st. Needham & Company LLC decreased their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, Jefferies Financial Group decreased their price target on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a report on Friday, November 1st.

Onto Innovation Stock Performance

Shares of ONTO stock opened at $189.86 on Friday. Onto Innovation has a fifty-two week low of $138.27 and a fifty-two week high of $238.93. The firm has a market capitalization of $9.38 billion, a price-to-earnings ratio of 51.45, a PEG ratio of 1.07 and a beta of 1.29. The stock’s 50-day simple moving average is $171.03 and its 200-day simple moving average is $192.63.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. Onto Innovation’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.96 earnings per share. As a group, equities analysts forecast that Onto Innovation will post 5.22 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its stake in shares of Onto Innovation by 12.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after buying an additional 228,800 shares during the period. State Street Corp lifted its holdings in Onto Innovation by 2.8% in the 3rd quarter. State Street Corp now owns 1,469,969 shares of the semiconductor company’s stock valued at $305,107,000 after purchasing an additional 39,367 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Onto Innovation by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 1,281,801 shares of the semiconductor company’s stock valued at $288,320,000 after purchasing an additional 54,868 shares in the last quarter. Congress Asset Management Co. lifted its holdings in Onto Innovation by 38.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after purchasing an additional 295,869 shares in the last quarter. Finally, Geneva Capital Management LLC lifted its holdings in Onto Innovation by 2.6% in the 3rd quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company’s stock valued at $195,032,000 after purchasing an additional 23,628 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

About Onto Innovation

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.