Brokerages Set Onto Innovation Inc. (NYSE:ONTO) Price Target at $254.29

Shares of Onto Innovation Inc. (NYSE:ONTO) have earned a consensus rating of “Buy” from the seven brokerages that are currently covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy rating. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $254.29.

A number of research firms recently weighed in on ONTO. Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, November 1st. Jefferies Financial Group decreased their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a report on Friday, November 1st. Needham & Company LLC dropped their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Oppenheimer upped their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, November 1st.

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 ONTO. Quarry LP raised its stake in shares of Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Onto Innovation by 675.0% in the second 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 last quarter. LGT Financial Advisors LLC raised its position in Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock valued at $54,000 after acquiring an additional 90 shares in the last quarter. Fifth Third Bancorp lifted its stake 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 acquiring an additional 84 shares during the last quarter. Finally, Eastern Bank bought a new stake in Onto Innovation in the third quarter worth approximately $65,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Price Performance

NYSE ONTO opened at $166.45 on Tuesday. Onto Innovation has a 12 month low of $134.11 and a 12 month high of $238.93. The company has a market capitalization of $8.22 billion, a P/E ratio of 45.10, a PEG ratio of 1.08 and a beta of 1.30. The company’s 50 day simple moving average is $184.78 and its 200 day simple moving average is $199.51.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The company had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. During the same quarter in the prior year, the company earned $0.96 earnings per share. The firm’s revenue was up 21.7% on a year-over-year basis. On average, analysts anticipate that Onto Innovation will post 5.22 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.