Onto Innovation (NYSE:ONTO) Coverage Initiated by Analysts at Oppenheimer

Oppenheimer began coverage on shares of Onto Innovation (NYSE:ONTO) in a research report report published on Wednesday, Marketbeat reports. The brokerage issued an outperform rating and a $260.00 price target on the semiconductor company’s stock.

Several other research firms also recently issued reports on ONTO. Needham & Company LLC raised Onto Innovation from a hold rating to a buy rating in a research report on Monday, August 19th. Stifel Nicolaus raised their price objective on Onto Innovation from $240.00 to $270.00 and gave the stock a buy rating in a research note on Monday, July 15th. Benchmark reaffirmed a buy rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, August 9th. Finally, B. Riley increased their price target on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a buy rating in a report on Thursday, June 20th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $259.17.

Onto Innovation Stock Performance

Shares of NYSE ONTO opened at $203.72 on Wednesday. Onto Innovation has a fifty-two week low of $108.98 and a fifty-two week high of $238.93. The company has a market cap of $10.04 billion, a PE ratio of 72.50 and a beta of 1.37. The business has a 50-day simple moving average of $195.10 and a two-hundred day simple moving average of $202.06.

Onto Innovation (NYSE:ONTO) last released its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The company had revenue of $242.33 million during the quarter, compared to analysts’ expectations of $235.43 million. During the same period last year, the business earned $0.79 EPS. Onto Innovation’s revenue for the quarter was up 27.1% on a year-over-year basis. On average, sell-side analysts predict that Onto Innovation will post 5.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. grew its position in shares of Onto Innovation by 24.6% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock valued at $44,444,000 after acquiring an additional 39,955 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in Onto Innovation by 98.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock valued at $1,218,000 after purchasing an additional 2,753 shares during the period. Nordea Investment Management AB increased its position in shares of Onto Innovation by 17.8% in the first quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock valued at $18,586,000 after buying an additional 15,451 shares in the last quarter. Public Employees Retirement Association of Colorado raised its stake in shares of 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 worth $23,112,000 after buying an additional 33,025 shares during the period. Finally, Eagle Asset Management Inc. lifted its position in shares of Onto Innovation by 36.8% during the 4th quarter. Eagle Asset Management Inc. now owns 295,824 shares of the semiconductor company’s stock valued at $45,231,000 after buying an additional 79,530 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

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.