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

Onto Innovation Inc. (NYSE:ONTO) has been assigned an average rating of “Buy” from the seven brokerages that are currently covering the company, Marketbeat Ratings reports. Seven analysts have rated the stock with a buy rating. The average 1-year price target among analysts that have covered the stock in the last year is $254.29.

Several research analysts have issued reports on the company. Oppenheimer raised their target price on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Needham & Company LLC lowered their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Jefferies Financial Group cut their target price on 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, Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st.

Onto Innovation Stock Performance

NYSE:ONTO opened at $166.50 on Friday. Onto Innovation has a fifty-two week low of $134.11 and a fifty-two week high of $238.93. The firm has a market cap of $8.22 billion, a P/E ratio of 45.12, a P/E/G ratio of 1.05 and a beta of 1.37. The firm has a 50-day simple moving average of $194.81 and a two-hundred day simple moving average of $205.14.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. During the same quarter in the previous year, the firm earned $0.96 EPS. Onto Innovation’s revenue was up 21.7% on a year-over-year basis. On average, equities research analysts predict that Onto Innovation will post 5.19 EPS for the current year.

Insider Activity

In other news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. This represents a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.72% of the company’s stock.

Institutional Trading of Onto Innovation

Institutional investors and hedge funds have recently modified their holdings of the stock. QRG Capital Management Inc. increased its stake in shares of Onto Innovation by 2.7% during the second quarter. QRG Capital Management Inc. now owns 1,935 shares of the semiconductor company’s stock valued at $425,000 after buying an additional 50 shares during the period. Magnetar Financial LLC grew its holdings in Onto Innovation by 4.0% during the 2nd quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock worth $356,000 after acquiring an additional 63 shares in the last quarter. Shaker Investments LLC OH increased its position in Onto Innovation by 1.7% during the 2nd quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company’s stock valued at $862,000 after purchasing an additional 64 shares during the period. Northwest & Ethical Investments L.P. raised its holdings in shares of Onto Innovation by 7.8% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 1,050 shares of the semiconductor company’s stock valued at $218,000 after purchasing an additional 76 shares in the last quarter. Finally, Quarry LP lifted its position in shares of Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 79 shares during the period. Institutional investors own 98.35% of the company’s stock.

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.