Onto Innovation (NYSE:ONTO) Coverage Initiated at Oppenheimer

Oppenheimer started coverage on shares of Onto Innovation (NYSE:ONTO) in a research report sent to investors on Wednesday, MarketBeat reports. The firm issued an outperform rating and a $260.00 price target on the semiconductor company’s stock.

Several other analysts have also commented on ONTO. Stifel Nicolaus raised their price objective on Onto Innovation from $240.00 to $270.00 and gave the company a buy rating in a report on Monday, July 15th. Needham & Company LLC raised shares of Onto Innovation from a hold rating to a buy rating in a report on Monday, August 19th. B. Riley upped their price objective on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a buy rating in a research report on Thursday, June 20th. Finally, Benchmark reiterated a buy rating and issued a $230.00 target price on shares of Onto Innovation in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $259.17.

Onto Innovation Price Performance

Onto Innovation stock opened at $215.37 on Wednesday. Onto Innovation has a 1-year low of $108.98 and a 1-year high of $238.93. The business has a fifty day moving average price of $195.85 and a 200-day moving average price of $202.44. The stock has a market capitalization of $10.61 billion, a price-to-earnings ratio of 76.64 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, topping 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 business had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. During the same quarter in the previous year, the firm earned $0.79 earnings per share. The company’s revenue was up 27.1% on a year-over-year basis. On average, equities research analysts anticipate that Onto Innovation will post 5.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Srinivas Vedula sold 1,275 shares of the firm’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 transaction of $264,231.00. Following the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Institutional Trading of Onto Innovation

Several hedge funds and other institutional investors have recently made changes to their positions in ONTO. Quarry LP raised its holdings in shares of Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 108 shares in the last quarter. Fidelis Capital Partners LLC bought a new position in Onto Innovation during the first quarter worth $28,000. Rise Advisors LLC acquired a new stake in Onto Innovation during the first quarter worth about $38,000. Finally, GAMMA Investing LLC increased its position in Onto Innovation by 41.1% in the first quarter. GAMMA Investing LLC now owns 292 shares of the semiconductor company’s stock worth $53,000 after buying an additional 85 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

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.