Onto Innovation (NYSE:ONTO) Stock Price Expected to Rise, Oppenheimer Analyst Says

Onto Innovation (NYSE:ONTO) had its target price boosted by Oppenheimer from $260.00 to $275.00 in a report published on Friday morning, Benzinga reports. They currently have an outperform rating on the semiconductor company’s stock.

ONTO has been the subject of several other research reports. Benchmark reiterated a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, August 9th. Stifel Nicolaus boosted their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, Needham & Company LLC decreased their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a report on Friday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation Price Performance

Shares of ONTO stock opened at $176.10 on Friday. The stock’s 50-day moving average is $202.50 and its 200 day moving average is $206.86. Onto Innovation has a 1-year low of $115.07 and a 1-year high of $238.93. The company has a market cap of $8.70 billion, a P/E ratio of 47.72, a PEG ratio of 1.28 and a beta of 1.37.

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 net margin of 19.44% and a return on equity of 13.61%. The firm had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. During the same quarter in the previous year, the firm earned $0.96 EPS. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. On average, analysts anticipate that Onto Innovation will post 5.18 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation 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 completion of the transaction, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at $3,326,202. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is owned by insiders.

Hedge Funds Weigh In On Onto Innovation

Large investors have recently bought and sold shares of the business. 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 buying an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 108 shares in the last quarter. Fidelis Capital Partners LLC purchased a new position in Onto Innovation during the first quarter valued at $28,000. LGT Financial Advisors LLC raised its position in shares of Onto Innovation by 58.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 90 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in Onto Innovation by 40.2% in the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after buying an additional 84 shares during the last quarter. Institutional investors and hedge funds 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.