Onto Innovation (NYSE:ONTO) Trading Up 7% – Still a Buy?

Onto Innovation Inc. (NYSE:ONTO)’s share price traded up 7% during trading on Monday . The stock traded as high as $194.25 and last traded at $192.59. 66,568 shares were traded during mid-day trading, a decline of 85% from the average session volume of 450,255 shares. The stock had previously closed at $180.03.

Wall Street Analyst Weigh In

ONTO has been the topic of several research reports. Benchmark restated a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st. Oppenheimer reissued an “outperform” rating and set a $275.00 target price on shares of Onto Innovation in a report on Tuesday, December 17th. Jefferies Financial Group dropped their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Needham & Company LLC reduced their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $254.29.

Onto Innovation Stock Performance

The company has a market capitalization of $9.69 billion, a price-to-earnings ratio of 53.18, a P/E/G ratio of 1.07 and a beta of 1.29. The company has a 50 day moving average price of $171.80 and a 200 day moving average price of $193.18.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating 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 firm had revenue of $252.20 million during the quarter, compared to analysts’ expectations of $250.85 million. During the same quarter last year, the firm posted $0.96 earnings per share. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. Research analysts forecast that Onto Innovation Inc. will post 5.22 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Public Employees Retirement Association of Colorado lifted its stake in Onto Innovation by 45.7% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock valued at $23,112,000 after acquiring an additional 33,025 shares in the last quarter. Cerity Partners LLC grew its position in Onto Innovation by 287.0% in the 3rd quarter. Cerity Partners LLC now owns 4,663 shares of the semiconductor company’s stock worth $968,000 after purchasing an additional 3,458 shares in the last quarter. Geode Capital Management LLC increased its stake in Onto Innovation by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 834,345 shares of the semiconductor company’s stock valued at $173,401,000 after buying an additional 13,405 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Onto Innovation during the 3rd quarter worth approximately $14,539,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Onto Innovation by 12.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after buying an additional 228,800 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

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.