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

Shares of Onto Innovation Inc. (NYSE:ONTO) have received a consensus recommendation of “Buy” from the seven ratings firms that are presently covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $254.29.

ONTO has been the subject of a number of recent analyst reports. Jefferies Financial Group decreased their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a report on Friday, November 1st. Oppenheimer increased their price objective on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Benchmark reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. Finally, Needham & Company LLC decreased their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st.

Insider Activity

In other news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the sale, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. This represents a 7.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.72% of the company’s stock.

Institutional Trading of Onto Innovation

A number of hedge funds have recently modified their holdings of ONTO. Millennium Management LLC lifted its holdings in shares of Onto Innovation by 304.9% in the second 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 in the last quarter. Congress Asset Management Co. lifted its holdings in shares of Onto Innovation by 38.1% in the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after purchasing an additional 295,869 shares in the last quarter. Citigroup Inc. increased its stake in shares of Onto Innovation by 811.7% in the third quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company’s stock worth $66,236,000 after acquiring an additional 284,115 shares during the last quarter. Natixis Advisors LLC increased its stake in shares of Onto Innovation by 379.8% in the second quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock worth $53,824,000 after acquiring an additional 194,056 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake 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 acquiring an additional 189,769 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Performance

NYSE:ONTO opened at $164.75 on Friday. The firm has a market capitalization of $8.14 billion, a PE ratio of 44.65, a price-to-earnings-growth ratio of 1.12 and a beta of 1.37. The stock has a 50 day moving average of $197.60 and a 200-day moving average of $206.45. Onto Innovation has a 52 week low of $131.78 and a 52 week high of $238.93.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) 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 period in the prior year, the company posted $0.96 EPS. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year. As a group, analysts predict that Onto Innovation will post 5.19 EPS for the current fiscal 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.