Benchmark Reaffirms Buy Rating for Onto Innovation (NYSE:ONTO)

Benchmark restated their buy rating on shares of Onto Innovation (NYSE:ONTO) in a report published on Friday, Benzinga reports. They currently have a $230.00 target price on the semiconductor company’s stock.

ONTO has been the subject of a number of other research reports. Oppenheimer boosted their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday. Stifel Nicolaus boosted their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, Needham & Company LLC reduced their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation Price Performance

Onto Innovation stock opened at $172.95 on Friday. Onto Innovation has a 12-month low of $117.44 and a 12-month high of $238.93. The company has a market capitalization of $8.54 billion, a price-to-earnings ratio of 46.87, a price-to-earnings-growth ratio of 1.13 and a beta of 1.37. The firm’s fifty day moving average price is $201.79 and its 200 day moving average price is $206.82.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. During the same quarter in the prior year, the firm earned $0.96 EPS. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. Analysts forecast that Onto Innovation will post 5.19 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 company’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 value of $264,231.00. Following the completion of the sale, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.72% of the stock is currently owned by company insiders.

Institutional Trading of Onto Innovation

A number of institutional investors have recently made changes to their positions in ONTO. Millennium Management LLC lifted its stake in shares of Onto Innovation by 304.9% in the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock worth $98,329,000 after acquiring an additional 337,250 shares during the period. Congress Asset Management Co. lifted its stake in shares of Onto Innovation by 38.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock worth $222,670,000 after acquiring an additional 295,869 shares during the period. Natixis Advisors LLC lifted its stake in shares of Onto Innovation by 379.8% in the 2nd quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock worth $53,824,000 after acquiring an additional 194,056 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Onto Innovation by 28.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock worth $188,115,000 after acquiring an additional 189,769 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Onto Innovation in the 3rd quarter worth approximately $30,418,000. 98.35% of the stock is 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.