Onto Innovation (NYSE:ONTO) Stock Price Up 7% – What’s Next?

Shares of Onto Innovation Inc. (NYSE:ONTOGet Free Report) traded up 7% on Monday . The company traded as high as $194.25 and last traded at $192.59. 66,568 shares traded hands during trading, a decline of 85% from the average session volume of 450,255 shares. The stock had previously closed at $180.03.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ONTO. Needham & Company LLC reduced their price objective on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Benchmark restated a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st. Jefferies Financial Group dropped 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. Finally, Oppenheimer reissued an “outperform” rating and set a $275.00 target price on shares of Onto Innovation in a research report on Tuesday, December 17th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $254.29.

Check Out Our Latest Analysis on ONTO

Onto Innovation Trading Down 0.9 %

The firm has a 50-day moving average of $171.20 and a two-hundred day moving average of $192.81. The firm has a market cap of $9.48 billion, a price-to-earnings ratio of 52.00, a PEG ratio of 1.07 and a beta of 1.29.

Onto Innovation (NYSE:ONTOGet Free Report) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.96 earnings per share. As a group, equities analysts anticipate that Onto Innovation Inc. will post 5.22 EPS for the current year.

Hedge Funds Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Public Employees Retirement Association of Colorado increased its holdings in shares of Onto Innovation by 45.7% during the second 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 in the last quarter. Cerity Partners LLC grew its holdings in shares of Onto Innovation by 287.0% during the third quarter. Cerity Partners LLC now owns 4,663 shares of the semiconductor company’s stock worth $968,000 after purchasing an additional 3,458 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Onto Innovation by 1.6% during the third quarter. Geode Capital Management LLC now owns 834,345 shares of the semiconductor company’s stock worth $173,401,000 after purchasing an additional 13,405 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Onto Innovation in the third quarter valued at about $14,539,000. Finally, JPMorgan Chase & Co. lifted its position in Onto Innovation by 12.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after buying an additional 228,800 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

About Onto Innovation

(Get Free Report)

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.

Further Reading

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