Oppenheimer Cuts Onto Innovation (NYSE:ONTO) Price Target to $240.00

Onto Innovation (NYSE:ONTO) had its price target cut by Oppenheimer from $275.00 to $240.00 in a research report report published on Thursday,Benzinga reports. They currently have an outperform rating on the semiconductor company’s stock.

A number of other brokerages also recently issued reports on ONTO. Stifel Nicolaus reduced their price objective on shares of Onto Innovation from $270.00 to $250.00 and set a “buy” rating for the company in a research report on Friday, February 7th. StockNews.com downgraded shares of Onto Innovation from a “hold” rating to a “sell” rating in a research report on Tuesday, February 11th. Benchmark reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. Jefferies Financial Group reduced their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Onto Innovation currently has a consensus rating of “Moderate Buy” and a consensus target price of $246.88.

Onto Innovation Price Performance

NYSE:ONTO opened at $159.23 on Thursday. The firm has a 50-day moving average of $186.90 and a 200-day moving average of $189.41. The company has a market cap of $7.86 billion, a PE ratio of 39.22, a PEG ratio of 0.89 and a beta of 1.31. Onto Innovation has a one year low of $145.15 and a one year high of $238.93.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. On average, equities research analysts expect that Onto Innovation will post 6.26 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Srinivas Vedula sold 827 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total value of $169,535.00. Following the completion of the transaction, the senior vice president now directly owns 15,223 shares of the company’s stock, valued at approximately $3,120,715. This trade represents a 5.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael P. Plisinski sold 35,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $219.19, for a total transaction of $7,671,650.00. Following the completion of the transaction, the chief executive officer now directly owns 150,492 shares of the company’s stock, valued at approximately $32,986,341.48. This trade represents a 18.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 85,827 shares of company stock valued at $18,182,185 in the last three months. Company insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ONTO. Norges Bank bought a new position in Onto Innovation in the 4th quarter worth approximately $87,987,000. Artisan Partners Limited Partnership boosted its holdings in Onto Innovation by 41.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company’s stock valued at $252,530,000 after purchasing an additional 444,860 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Onto Innovation by 72.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 870,250 shares of the semiconductor company’s stock valued at $145,045,000 after purchasing an additional 364,853 shares during the period. Invesco Ltd. boosted its holdings in Onto Innovation by 33.9% in the 4th quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company’s stock valued at $234,344,000 after purchasing an additional 356,161 shares during the period. Finally, Congress Asset Management Co. boosted 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 during the period. 98.35% of the stock is owned by institutional investors.

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.