Onto Innovation (NYSE:ONTO) Reaches New 52-Week High on Better-Than-Expected Earnings

Shares of Onto Innovation Inc. (NYSE:ONTO) reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The company traded as high as $233.84 and last traded at $220.80, with a volume of 177795 shares changing hands. The stock had previously closed at $208.42.

The semiconductor company reported $1.18 EPS for the quarter, beating the consensus estimate of $1.10 by $0.08. The firm had revenue of $228.80 million during the quarter, compared to the consensus estimate of $222.60 million. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.92 earnings per share.

Analysts Set New Price Targets

ONTO has been the topic of a number of recent analyst reports. Evercore ISI initiated coverage on shares of Onto Innovation in a report on Tuesday, April 16th. They set an “outperform” rating and a $235.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of Onto Innovation in a research report on Friday. StockNews.com raised shares of Onto Innovation from a “sell” rating to a “hold” rating in a research note on Monday, February 12th. Stifel Nicolaus raised their target price on shares of Onto Innovation from $188.00 to $215.00 and gave the company a “buy” rating in a research note on Monday, March 25th. Finally, B. Riley raised their target price on shares of Onto Innovation from $235.00 to $250.00 and gave the company a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $200.60.

Insiders Place Their Bets

In other Onto Innovation news, CEO Michael P. Plisinski sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the sale, the chief executive officer now owns 235,492 shares of the company’s stock, valued at approximately $41,324,136.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director David Brian Miller sold 2,800 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total value of $477,372.00. Following the completion of the transaction, the director now directly owns 9,008 shares in the company, valued at approximately $1,535,773.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael P. Plisinski sold 40,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the completion of the transaction, the chief executive officer now owns 235,492 shares of the company’s stock, valued at $41,324,136.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,170 shares of company stock valued at $8,266,955. Insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

Large investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its holdings in shares of Onto Innovation by 198.3% in the fourth quarter. Fifth Third Bancorp now owns 173 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 115 shares during the period. Contravisory Investment Management Inc. acquired a new stake in Onto Innovation in the fourth quarter valued at approximately $28,000. Fidelis Capital Partners LLC acquired a new stake in Onto Innovation in the first quarter valued at approximately $28,000. Huntington National Bank raised its holdings in Onto Innovation by 70.3% in the third quarter. Huntington National Bank now owns 247 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 102 shares in the last quarter. Finally, GAMMA Investing LLC acquired a new stake in Onto Innovation in the fourth quarter valued at approximately $33,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Stock Up 4.0 %

The business’s fifty day simple moving average is $186.05 and its two-hundred day simple moving average is $161.29. The company has a market cap of $10.65 billion, a price-to-earnings ratio of 84.67 and a beta of 1.40.

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.