Onto Innovation (NYSE:ONTO) Given New $275.00 Price Target at Oppenheimer

Onto Innovation (NYSE:ONTO) had its price target upped by Oppenheimer from $260.00 to $275.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the semiconductor company’s stock. Oppenheimer’s price objective would indicate a potential upside of 35.80% from the stock’s previous close.

A number of other equities analysts have also recently commented on ONTO. Needham & Company LLC raised Onto Innovation from a “hold” rating to a “buy” rating in a report on Monday, August 19th. Stifel Nicolaus boosted their target price on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. B. Riley raised their price target on shares of Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Finally, Benchmark reaffirmed a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $261.67.

Onto Innovation Trading Down 2.4 %

Onto Innovation stock traded down $5.05 during trading hours on Tuesday, reaching $202.51. 78,633 shares of the stock were exchanged, compared to its average volume of 550,702. The stock has a 50 day moving average of $195.83 and a two-hundred day moving average of $202.99. The company has a market cap of $9.98 billion, a P/E ratio of 71.44 and a beta of 1.37. Onto Innovation has a twelve month low of $108.98 and a twelve month high of $238.93.

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, topping the consensus estimate of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The business had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. During the same quarter last year, the business posted $0.79 EPS. The firm’s revenue for the quarter was up 27.1% on a year-over-year basis. On average, analysts expect that Onto Innovation will post 5.18 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Onto Innovation

A number of institutional investors have recently made changes to their positions in the stock. QRG Capital Management Inc. lifted its stake in shares of Onto Innovation by 2.7% in the second quarter. QRG Capital Management Inc. now owns 1,935 shares of the semiconductor company’s stock worth $425,000 after acquiring an additional 50 shares during the period. Magnetar Financial LLC boosted its stake in shares of Onto Innovation by 4.0% in the 2nd quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock valued at $356,000 after purchasing an additional 63 shares during the last quarter. Shaker Investments LLC OH increased its position in shares of Onto Innovation by 1.7% during the second quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company’s stock worth $862,000 after buying an additional 64 shares during the period. Quarry LP increased its position in shares of Onto Innovation by 232.4% during the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after buying an additional 79 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in Onto Innovation by 40.2% in the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after buying an additional 84 shares during the period. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Company Profile

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.