Onto Innovation (NYSE:ONTO) Shares Up 5.3% – Still a Buy?

Onto Innovation Inc. (NYSE:ONTO) was up 5.3% during mid-day trading on Wednesday . The company traded as high as $182.11 and last traded at $181.42. Approximately 238,321 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 594,054 shares. The stock had previously closed at $172.23.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ONTO. Oppenheimer restated an “outperform” rating and issued a $275.00 price objective on shares of Onto Innovation in a research note on Tuesday. Needham & Company LLC cut their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Benchmark reiterated a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, November 1st. Finally, Jefferies Financial Group cut their target price on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $254.29.

Onto Innovation Trading Up 1.2 %

The stock has a market capitalization of $8.61 billion, a PE ratio of 47.24, a PEG ratio of 1.07 and a beta of 1.30. The firm’s 50-day simple moving average is $181.68 and its two-hundred day simple moving average is $197.73.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The company had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. During the same quarter last year, the company posted $0.96 earnings per share. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. As a group, research analysts expect that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Magnetar Financial LLC raised its holdings in shares of Onto Innovation by 4.0% in the second quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock valued at $356,000 after buying an additional 63 shares during the last quarter. Shaker Investments LLC OH boosted its stake in Onto Innovation by 1.7% during the 2nd quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company’s stock worth $862,000 after acquiring an additional 64 shares during the last quarter. Northwest & Ethical Investments L.P. grew its holdings in Onto Innovation by 7.8% during the third quarter. Northwest & Ethical Investments L.P. now owns 1,050 shares of the semiconductor company’s stock valued at $218,000 after purchasing an additional 76 shares during the period. Quarry LP grew its holdings in Onto Innovation by 232.4% during the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 79 shares during the period. Finally, Hunter Perkins Capital Management LLC increased its stake in Onto Innovation by 3.6% in the third quarter. Hunter Perkins Capital Management LLC now owns 2,325 shares of the semiconductor company’s stock valued at $483,000 after purchasing an additional 80 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

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.