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

Onto Innovation Inc. (NYSE:ONTO) has received an average rating of “Buy” from the seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. Seven research analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have issued a report on the stock in the last year is $254.29.

ONTO has been the subject of a number of research reports. Jefferies Financial Group lowered their target price on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a report on Friday, November 1st. Needham & Company LLC lowered their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Oppenheimer raised their target price on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Benchmark reissued a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday, November 1st.

Onto Innovation Stock Performance

Shares of Onto Innovation stock opened at $168.99 on Tuesday. Onto Innovation has a 52 week low of $134.11 and a 52 week high of $238.93. The firm has a fifty day moving average of $186.36 and a two-hundred day moving average of $200.23. The stock has a market capitalization of $8.35 billion, a price-to-earnings ratio of 45.80, a PEG ratio of 1.08 and a beta of 1.30.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The firm had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. During the same period in the previous year, the company posted $0.96 earnings per share. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. As a group, research analysts forecast that Onto Innovation will post 5.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

Several institutional investors and hedge funds have recently modified their holdings of ONTO. Quarry LP raised its holdings in Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Onto Innovation by 675.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after buying an additional 108 shares in the last quarter. LGT Financial Advisors LLC lifted its position in shares of Onto Innovation by 58.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after buying an additional 90 shares during the last quarter. Fifth Third Bancorp boosted its stake in Onto Innovation by 40.2% in the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after buying an additional 84 shares in the last quarter. Finally, Eastern Bank bought a new position in Onto Innovation in the third quarter valued at about $65,000. 98.35% of the stock is currently 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.