Analysts Set Onto Innovation Inc. (NYSE:ONTO) Price Target at $246.88

Onto Innovation Inc. (NYSE:ONTO) has received a consensus recommendation of “Buy” from the eight research firms that are covering the stock, MarketBeat.com reports. Eight investment analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have covered the stock in the last year is $246.88.

Several equities research analysts have recently issued reports on ONTO shares. Oppenheimer reduced their price target on Onto Innovation from $275.00 to $240.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $250.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Stifel Nicolaus decreased their target price on shares of Onto Innovation from $270.00 to $250.00 and set a “buy” rating for the company in a research report on Friday, February 7th. StockNews.com upgraded shares of Onto Innovation from a “sell” rating to a “hold” rating in a report on Thursday, February 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, February 7th.

Onto Innovation Stock Performance

Shares of ONTO opened at $135.73 on Thursday. The company has a market capitalization of $6.69 billion, a PE ratio of 33.43, a PEG ratio of 0.89 and a beta of 1.29. The company’s 50 day moving average price is $171.89 and its 200 day moving average price is $180.58. Onto Innovation has a 52 week low of $121.47 and a 52 week high of $238.93.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. On average, equities analysts forecast that Onto Innovation will post 6.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael P. Plisinski sold 20,000 shares of the company’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $200.19, for a total transaction of $4,003,800.00. Following the completion of the transaction, the chief executive officer now owns 215,492 shares of the company’s stock, valued at approximately $43,139,343.48. This represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Srinivas Vedula sold 827 shares of Onto Innovation stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total value of $169,535.00. Following the sale, the senior vice president now directly owns 15,223 shares in the company, valued at approximately $3,120,715. This trade represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 85,827 shares of company stock valued at $18,182,185 in the last three months. Company insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ONTO. Cerity Partners LLC increased its holdings in Onto Innovation by 287.0% in the 3rd quarter. Cerity Partners LLC now owns 4,663 shares of the semiconductor company’s stock valued at $968,000 after buying an additional 3,458 shares during the period. Geode Capital Management LLC increased its stake in Onto Innovation by 1.6% in the third quarter. Geode Capital Management LLC now owns 834,345 shares of the semiconductor company’s stock valued at $173,401,000 after acquiring an additional 13,405 shares during the period. JPMorgan Chase & Co. raised its position in Onto Innovation by 12.9% in the third quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after purchasing an additional 228,800 shares in the last quarter. HighTower Advisors LLC lifted its stake in Onto Innovation by 72.0% during the third quarter. HighTower Advisors LLC now owns 10,184 shares of the semiconductor company’s stock worth $2,095,000 after purchasing an additional 4,263 shares during the period. Finally, Barclays PLC boosted its holdings in Onto Innovation by 1,296.7% during the third quarter. Barclays PLC now owns 217,190 shares of the semiconductor company’s stock valued at $45,079,000 after purchasing an additional 201,640 shares in 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.