Oppenheimer Increases Onto Innovation (NYSE:ONTO) Price Target to $275.00

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

Several other equities research analysts also recently commented on the stock. Benchmark restated a buy rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, August 9th. Stifel Nicolaus upped their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a buy rating in a research note on Monday, July 15th. B. Riley raised their price objective on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a buy rating in a report on Thursday, June 20th. Finally, Needham & Company LLC raised Onto Innovation from a hold rating to a buy rating in a report on Monday, August 19th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $261.67.

Onto Innovation Stock Performance

Shares of Onto Innovation stock opened at $209.05 on Tuesday. The firm has a market cap of $10.30 billion, a P/E ratio of 74.40 and a beta of 1.36. The firm’s 50-day simple moving average is $196.59 and its 200-day simple moving average is $203.47. Onto Innovation has a twelve month low of $108.98 and a twelve month high of $238.93.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data 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 return on equity of 12.71% and a net margin of 18.50%. The company had revenue of $242.33 million for the quarter, compared to the consensus estimate of $235.43 million. During the same period in the previous year, the business earned $0.79 earnings per share. The company’s quarterly revenue was up 27.1% on a year-over-year basis. On average, equities analysts forecast that Onto Innovation will post 5.18 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Srinivas Vedula sold 1,275 shares of the business’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 transaction, the senior vice president now owns 16,050 shares in the company, 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 SEC, which is available at the SEC website. 0.72% of the stock is owned by insiders.

Institutional Trading of Onto Innovation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONTO. Vanguard Group Inc. boosted its stake in shares of Onto Innovation by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 5,254,287 shares of the semiconductor company’s stock valued at $951,446,000 after purchasing an additional 65,472 shares during the last quarter. Price T Rowe Associates Inc. MD boosted 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 valued at $144,779,000 after acquiring an additional 371,641 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Onto Innovation by 28.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after acquiring an additional 189,769 shares during the last quarter. Wellington Management Group LLP grew its holdings in Onto Innovation by 13.0% during the 4th quarter. Wellington Management Group LLP now owns 844,623 shares of the semiconductor company’s stock worth $129,143,000 after acquiring an additional 96,925 shares during the period. Finally, Hood River Capital Management LLC raised its position in shares of Onto Innovation by 6.9% during the 1st quarter. Hood River Capital Management LLC now owns 672,230 shares of the semiconductor company’s stock valued at $121,727,000 after acquiring an additional 43,132 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Company Profile

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.