Cantor Fitzgerald Initiates Coverage on Onto Innovation (NYSE:ONTO)

Cantor Fitzgerald initiated coverage on shares of Onto Innovation (NYSE:ONTO) in a research note released on Monday, MarketBeat Ratings reports. The firm issued an overweight rating and a $250.00 price target on the semiconductor company’s stock.

Several other equities analysts also recently issued reports on ONTO. Benchmark reaffirmed a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. Jefferies Financial Group decreased their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Oppenheimer reissued an “outperform” rating and issued a $275.00 price target on shares of Onto Innovation in a research note on Tuesday, December 17th. Finally, Needham & Company LLC decreased their price target 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 equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $253.75.

Onto Innovation Stock Performance

ONTO stock opened at $191.14 on Monday. The firm has a market cap of $9.44 billion, a PE ratio of 51.80, a P/E/G ratio of 1.07 and a beta of 1.29. The firm’s fifty day moving average is $171.39 and its 200 day moving average is $192.08. Onto Innovation has a one year low of $141.79 and a one year high of $238.93.

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

Institutional Investors Weigh In On Onto Innovation

Institutional investors have recently made changes to their positions in the stock. 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 valued at $25,000 after acquiring an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Onto Innovation by 532.4% in the fourth quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 197 shares in the last quarter. Eastern Bank acquired a new position in shares of Onto Innovation in the third quarter valued at approximately $65,000. Finally, UMB Bank n.a. grew its holdings in shares of Onto Innovation by 62.0% in the third quarter. UMB Bank n.a. now owns 324 shares of the semiconductor company’s stock valued at $67,000 after purchasing an additional 124 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.