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

Shares of Onto Innovation Inc. (NYSE:ONTO) have been assigned a consensus recommendation of “Buy” from the seven brokerages that are covering the firm, MarketBeat.com reports. Seven research analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have covered the stock in the last year is $259.17.

A number of equities analysts have recently weighed in on the stock. Oppenheimer initiated coverage on shares of Onto Innovation in a research note on Wednesday. They issued an “outperform” rating and a $260.00 price target on the stock. Stifel Nicolaus upped their target price on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Needham & Company LLC raised Onto Innovation from a “hold” rating to a “buy” rating in a research note on Monday, August 19th. Benchmark reissued a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research note on Friday, August 9th. Finally, B. Riley raised their price objective on shares of Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, June 20th.

Insider Activity

In related news, SVP Srinivas Vedula sold 1,275 shares of the business’s 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 completion of the sale, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.72% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Onto Innovation

Institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new stake in Onto Innovation during the second quarter valued at about $250,000. Cetera Investment Advisers boosted its stake in Onto Innovation by 118.2% during the 2nd quarter. Cetera Investment Advisers now owns 9,151 shares of the semiconductor company’s stock valued at $2,009,000 after purchasing an additional 4,958 shares during the period. Quarry LP grew its holdings in Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after buying an additional 108 shares during the period. Finally, Creative Planning lifted its holdings in shares of Onto Innovation by 32.4% during the second quarter. Creative Planning now owns 27,726 shares of the semiconductor company’s stock worth $6,088,000 after buying an additional 6,779 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Price Performance

NYSE:ONTO opened at $203.72 on Thursday. The stock has a market cap of $10.04 billion, a PE ratio of 72.50 and a beta of 1.37. Onto Innovation has a fifty-two week low of $108.98 and a fifty-two week high of $238.93. The stock’s 50-day moving average is $195.10 and its two-hundred day moving average is $202.06.

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

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.