Onto Innovation (NYSE:ONTO) Trading Up 5.6% Following Analyst Upgrade

Onto Innovation Inc. (NYSE:ONTO) was up 5.6% during mid-day trading on Wednesday after Oppenheimer raised their price target on the stock from $260.00 to $275.00. Oppenheimer currently has an outperform rating on the stock. Onto Innovation traded as high as $211.77 and last traded at $211.73. Approximately 178,321 shares traded hands during trading, a decline of 68% from the average daily volume of 551,757 shares. The stock had previously closed at $200.57.

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

Insiders Place Their Bets

In related news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction dated 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its stake in Onto Innovation by 64.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 946,879 shares of the semiconductor company’s stock valued at $144,779,000 after buying an additional 371,641 shares during the last quarter. Millennium Management LLC raised its stake in Onto Innovation by 304.9% during the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock worth $98,329,000 after acquiring an additional 337,250 shares during the period. Natixis Advisors LLC lifted its holdings in Onto Innovation by 379.8% during the second 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 in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Onto Innovation by 28.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock worth $188,115,000 after purchasing an additional 189,769 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake 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 in the last quarter. 98.35% of the stock is currently owned by institutional investors.

Onto Innovation Price Performance

The company has a 50-day moving average price of $195.60 and a 200 day moving average price of $203.17. The firm has a market capitalization of $10.40 billion, a PE ratio of 71.30 and a beta of 1.37.

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

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.