Onto Innovation (NYSE:ONTO) Downgraded to Sell Rating by StockNews.com

StockNews.com cut shares of Onto Innovation (NYSE:ONTO) from a hold rating to a sell rating in a report released on Friday morning.

A number of other equities analysts have also recently commented on the company. Benchmark lowered their price target on Onto Innovation from $230.00 to $190.00 and set a “buy” rating for the company in a report on Friday. Jefferies Financial Group lowered their price target on Onto Innovation from $245.00 to $175.00 and set a “buy” rating for the company in a report on Friday, March 28th. Stifel Nicolaus lowered their price target on Onto Innovation from $200.00 to $180.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Needham & Company LLC lowered their target price on Onto Innovation from $230.00 to $150.00 and set a “buy” rating for the company in a report on Friday. Finally, Oppenheimer lowered their target price on Onto Innovation from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Onto Innovation presently has an average rating of “Moderate Buy” and a consensus price target of $177.14.

Onto Innovation Price Performance

Shares of NYSE ONTO opened at $88.50 on Friday. The stock has a market capitalization of $4.32 billion, a PE ratio of 21.80, a P/E/G ratio of 0.89 and a beta of 1.55. The business has a fifty day moving average price of $124.11 and a two-hundred day moving average price of $159.49. Onto Innovation has a fifty-two week low of $85.88 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.47 by $0.04. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The company had revenue of $267.00 million during the quarter, compared to analysts’ expectations of $267.03 million. During the same quarter in the previous year, the firm earned $1.18 EPS. Onto Innovation’s revenue was up 16.5% on a year-over-year basis. On average, equities analysts expect that Onto Innovation will post 6.26 EPS for the current year.

Institutional Investors Weigh In On Onto Innovation

Several institutional investors and hedge funds have recently made changes to their positions in the stock. CenterBook Partners LP increased its stake in shares of Onto Innovation by 83.5% in the first quarter. CenterBook Partners LP now owns 7,016 shares of the semiconductor company’s stock valued at $851,000 after buying an additional 3,192 shares during the period. Deutsche Bank AG increased its stake in shares of Onto Innovation by 26.4% in the first quarter. Deutsche Bank AG now owns 124,142 shares of the semiconductor company’s stock valued at $15,063,000 after buying an additional 25,953 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Onto Innovation by 2.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 349,925 shares of the semiconductor company’s stock valued at $42,460,000 after buying an additional 8,539 shares during the period. Geneva Capital Management LLC increased its stake in shares of Onto Innovation by 0.5% in the first quarter. Geneva Capital Management LLC now owns 1,015,323 shares of the semiconductor company’s stock valued at $123,199,000 after buying an additional 4,632 shares during the period. Finally, Nicolet Advisory Services LLC increased its stake in shares of Onto Innovation by 14.2% in the first quarter. Nicolet Advisory Services LLC now owns 2,879 shares of the semiconductor company’s stock valued at $340,000 after buying an additional 359 shares during the period. 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.