Onto Innovation Inc. (NYSE:ONTO) Receives Consensus Rating of “Buy” from Brokerages

Shares of Onto Innovation Inc. (NYSE:ONTO) have received an average recommendation of “Buy” from the seven brokerages that are covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $259.17.

Several research analysts recently issued reports on the stock. B. Riley upped their target price on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Benchmark reiterated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, August 9th. Oppenheimer initiated coverage on Onto Innovation in a report on Wednesday, September 25th. They set an “outperform” rating and a $260.00 price objective on the stock. Needham & Company LLC upgraded Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Finally, Stifel Nicolaus increased their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, July 15th.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction 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 transaction, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at $3,326,202. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.72% of the stock is owned by corporate insiders.

Institutional Trading of Onto Innovation

Several large investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its stake in Onto Innovation by 64.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 946,879 shares of the semiconductor company’s stock worth $144,779,000 after acquiring an additional 371,641 shares during the period. 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 valued at $98,329,000 after purchasing an additional 337,250 shares during the period. Natixis Advisors LLC boosted its holdings in shares of Onto Innovation by 379.8% during the 2nd quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock valued at $53,824,000 after buying an additional 194,056 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Onto Innovation by 28.5% during the second 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Onto Innovation by 58.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 470,059 shares of the semiconductor company’s stock worth $85,118,000 after purchasing an additional 174,010 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

Onto Innovation Stock Down 3.6 %

NYSE:ONTO opened at $207.57 on Thursday. The stock has a market cap of $10.23 billion, a P/E ratio of 73.87 and a beta of 1.37. The business’s 50-day moving average price is $195.83 and its two-hundred day moving average price is $202.99. Onto Innovation has a twelve month low of $108.98 and a twelve month high of $238.93.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, beating 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 business had revenue of $242.33 million for the quarter, compared to the consensus estimate of $235.43 million. During the same period last year, the firm posted $0.79 earnings per share. Onto Innovation’s quarterly revenue was up 27.1% on a year-over-year basis. On average, equities research analysts expect that Onto Innovation will post 5.18 EPS for the current fiscal year.

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.