Onto Innovation (NYSE:ONTO) Reaches New 12-Month High on Analyst Upgrade

Shares of Onto Innovation Inc. (NYSE:ONTO) hit a new 52-week high during mid-day trading on Tuesday after Stifel Nicolaus raised their price target on the stock from $240.00 to $270.00. Stifel Nicolaus currently has a buy rating on the stock. Onto Innovation traded as high as $238.93 and last traded at $238.04, with a volume of 792687 shares. The stock had previously closed at $229.17.

Several other equities analysts also recently issued reports on the stock. Needham & Company LLC restated a “hold” rating on shares of Onto Innovation in a report on Friday, May 10th. B. Riley lifted their price objective on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Jefferies Financial Group began coverage on Onto Innovation in a research note on Monday, May 13th. They issued a “buy” rating and a $265.00 target price for the company. Evercore ISI increased their price objective on Onto Innovation from $235.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, May 10th. Finally, Benchmark upped their target price on Onto Innovation from $180.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $259.00.

Insiders Place Their Bets

In related news, SVP Srinivas Vedula sold 1,486 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $213.40, for a total transaction of $317,112.40. Following the sale, the senior vice president now owns 17,433 shares in the company, valued at $3,720,202.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Onto Innovation news, CFO Mark Slicer sold 519 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $221.21, for a total transaction of $114,807.99. Following the completion of the transaction, the chief financial officer now directly owns 12,552 shares in the company, valued at $2,776,627.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Srinivas Vedula sold 1,486 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $213.40, for a total transaction of $317,112.40. Following the sale, the senior vice president now directly owns 17,433 shares of the company’s stock, valued at approximately $3,720,202.20. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Onto Innovation

Large investors have recently bought and sold shares of the company. International Assets Investment Management LLC boosted its stake in shares of Onto Innovation by 14,819.4% in the fourth quarter. International Assets Investment Management LLC now owns 615,575 shares of the semiconductor company’s stock worth $94,121,000 after acquiring an additional 611,449 shares during the last quarter. Norges Bank purchased a new position in Onto Innovation in the 4th quarter valued at $89,785,000. Price T Rowe Associates Inc. MD boosted its stake in Onto Innovation by 64.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 946,879 shares of the semiconductor company’s stock worth $144,779,000 after purchasing an additional 371,641 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Onto Innovation by 854.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 296,049 shares of the semiconductor company’s stock worth $45,266,000 after buying an additional 265,042 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Onto Innovation in the first quarter valued at about $29,420,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Price Performance

The stock has a market capitalization of $11.73 billion, a PE ratio of 81.57 and a beta of 1.39. The company’s 50 day moving average price is $223.30 and its two-hundred day moving average price is $190.97.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.08. The firm had revenue of $228.80 million during the quarter, compared to analysts’ expectations of $222.60 million. Onto Innovation had a net margin of 16.43% and a return on equity of 11.48%. Onto Innovation’s revenue was up 14.9% compared to the same quarter last year. During the same period last year, the business earned $0.92 earnings per share. Analysts forecast that Onto Innovation Inc. will post 5.05 earnings per share for the current year.

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.