Onto Innovation (NYSE:ONTO) Now Covered by Oppenheimer

Equities researchers at Oppenheimer initiated coverage on shares of Onto Innovation (NYSE:ONTO) in a report issued on Wednesday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $260.00 price target on the semiconductor company’s stock. Oppenheimer’s target price points to a potential upside of 16.83% from the company’s current price.

ONTO has been the topic of a number of other reports. Benchmark reiterated a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday, August 9th. B. Riley lifted their target price on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Finally, Stifel Nicolaus upped their price objective on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $259.17.

Onto Innovation Stock Up 9.4 %

NYSE ONTO opened at $222.55 on Wednesday. Onto Innovation has a 52 week low of $108.98 and a 52 week high of $238.93. The business has a 50 day moving average price of $195.10 and a 200-day moving average price of $202.06. The company has a market cap of $10.97 billion, a price-to-earnings ratio of 79.20 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.12. The business had revenue of $242.33 million during the quarter, compared to the consensus estimate of $235.43 million. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. Onto Innovation’s revenue was up 27.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.79 EPS. On average, equities research analysts anticipate that Onto Innovation will post 5.18 earnings per share for the current year.

Insider Buying and Selling

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is owned by insiders.

Institutional Investors Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its position in shares of Onto Innovation by 64.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 946,879 shares of the semiconductor company’s stock valued at $144,779,000 after acquiring an additional 371,641 shares during the period. Millennium Management LLC boosted its holdings in Onto Innovation by 304.9% in the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after purchasing an additional 337,250 shares during the period. Natixis Advisors LLC boosted its holdings in Onto Innovation by 379.8% in the 2nd quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock valued at $53,824,000 after purchasing an additional 194,056 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Onto Innovation by 28.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after purchasing an additional 189,769 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Onto Innovation by 58.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 470,059 shares of the semiconductor company’s stock worth $85,118,000 after purchasing an additional 174,010 shares during the period. 98.35% of the stock is currently 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.