Onto Innovation (NYSE:ONTO) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Onto Innovation (NYSE:ONTO) from a buy rating to a hold rating in a report published on Saturday.

A number of other research analysts also recently weighed in on the stock. Needham & Company LLC raised their price target on shares of Onto Innovation from $320.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Jefferies Financial Group reiterated a “buy” rating and issued a $350.00 price objective on shares of Onto Innovation in a report on Wednesday, May 6th. Cantor Fitzgerald increased their target price on shares of Onto Innovation from $350.00 to $410.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. B. Riley Financial raised their target price on Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a report on Monday, April 13th. Finally, Oppenheimer increased their price objective on Onto Innovation from $370.00 to $450.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $339.60.

Onto Innovation Stock Performance

Shares of NYSE ONTO opened at $269.49 on Friday. The business has a 50 day simple moving average of $295.32 and a 200 day simple moving average of $254.31. Onto Innovation has a 52 week low of $89.40 and a 52 week high of $386.46. The stock has a market cap of $13.41 billion, a price-to-earnings ratio of 125.93, a PEG ratio of 1.06 and a beta of 1.55.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.04. The firm had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.51 earnings per share. On average, analysts predict that Onto Innovation will post 7.14 EPS for the current year.

Institutional Investors Weigh In On Onto Innovation

Institutional investors have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. bought a new stake in Onto Innovation in the 2nd quarter valued at $570,000. Dockside LLC acquired a new stake in shares of Onto Innovation during the 2nd quarter valued at about $1,823,000. Handelsbanken Fonder AB increased its stake in Onto Innovation by 13.0% in the second quarter. Handelsbanken Fonder AB now owns 16,500 shares of the semiconductor company’s stock valued at $6,244,000 after acquiring an additional 1,900 shares during the period. Arista Wealth Management LLC bought a new stake in Onto Innovation in the second quarter valued at about $378,000. Finally, Everhart Financial Group Inc. acquired a new position in Onto Innovation in the second quarter worth about $256,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

About Onto Innovation

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.