Oppenheimer Increases Onto Innovation (NYSE:ONTO) Price Target to $275.00

Onto Innovation (NYSE:ONTO) had its target price raised by equities researchers at Oppenheimer from $260.00 to $275.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the semiconductor company’s stock. Oppenheimer’s price target suggests a potential upside of 31.21% from the company’s current price.

ONTO has been the topic of several other research reports. Benchmark restated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, August 9th. B. Riley upped their price target on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Stifel Nicolaus lifted their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $261.67.

Onto Innovation Stock Up 4.5 %

Shares of NYSE ONTO opened at $209.59 on Tuesday. The business has a 50-day moving average price of $195.83 and a 200 day moving average price of $203.21. The stock has a market cap of $10.33 billion, a PE ratio of 74.59 and a beta of 1.37. Onto Innovation has a 52-week low of $108.98 and a 52-week high of $238.93.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The business had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. During the same period last year, the firm posted $0.79 earnings per share. The company’s revenue for the quarter was up 27.1% compared to the same quarter last year. Sell-side analysts anticipate that Onto Innovation will post 5.18 earnings per share for the current year.

Insiders Place Their Bets

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction 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 sale, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently modified their holdings of ONTO. Quarry LP grew its holdings in shares of Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake 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 during the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of Onto Innovation in the 1st quarter worth about $28,000. Rise Advisors LLC acquired a new stake in Onto Innovation in the 1st quarter valued at about $38,000. Finally, GAMMA Investing LLC increased its holdings in Onto Innovation by 41.1% during the 1st quarter. GAMMA Investing LLC now owns 292 shares of the semiconductor company’s stock valued at $53,000 after acquiring an additional 85 shares in the last quarter. 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.