Onto Innovation (NYSE:ONTO) Given New $360.00 Price Target at Needham & Company LLC

Onto Innovation (NYSE:ONTO) had its price objective lifted by Needham & Company LLC from $330.00 to $360.00 in a report published on Friday, MarketBeat reports. Needham & Company LLC currently has a buy rating on the semiconductor company’s stock.

A number of other research firms have also recently issued reports on ONTO. Wall Street Zen cut Onto Innovation from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Stifel Nicolaus set a $350.00 target price on Onto Innovation and gave the company a “buy” rating in a research report on Friday, April 17th. Morgan Stanley began coverage on Onto Innovation in a report on Sunday, June 14th. They issued an “overweight” rating and a $371.00 price objective for the company. Oppenheimer raised their target price on shares of Onto Innovation from $370.00 to $450.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Finally, Freedom Capital upgraded shares of Onto Innovation to a “strong-buy” rating in a report on Wednesday, June 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $378.11.

Onto Innovation Stock Performance

Shares of NYSE ONTO opened at $307.78 on Friday. Onto Innovation has a 52-week low of $93.50 and a 52-week high of $386.46. The stock has a market cap of $15.31 billion, a P/E ratio of 115.71, a P/E/G ratio of 1.10 and a beta of 1.59. The firm has a 50 day moving average price of $297.04 and a 200 day moving average price of $256.05.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, August 6th. The semiconductor company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.24. The company had revenue of $343.13 million for the quarter, compared to analyst estimates of $325.29 million. Onto Innovation had a net margin of 11.84% and a return on equity of 13.19%. The business’s revenue for the quarter was up 35.3% compared to the same quarter last year. During the same period last year, the business posted $1.25 earnings per share. Onto Innovation has set its Q3 2026 guidance at 2.180-2.380 EPS. Analysts predict that Onto Innovation will post 7.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONTO. CWM LLC grew its stake in Onto Innovation by 361.2% in the 4th quarter. CWM LLC now owns 20,068 shares of the semiconductor company’s stock valued at $3,168,000 after buying an additional 15,717 shares during the last quarter. Entropy Technologies LP bought a new stake in shares of Onto Innovation during the first quarter worth approximately $2,877,000. M&T Bank Corp boosted its holdings in shares of Onto Innovation by 11,228.9% during the fourth quarter. M&T Bank Corp now owns 341,112 shares of the semiconductor company’s stock worth $53,848,000 after acquiring an additional 338,101 shares during the period. Fideuram Asset Management Ireland dac acquired a new position in shares of Onto Innovation in the fourth quarter valued at approximately $1,583,000. Finally, California State Teachers Retirement System grew its position in shares of Onto Innovation by 22.1% in the first quarter. California State Teachers Retirement System now owns 56,775 shares of the semiconductor company’s stock valued at $11,643,000 after purchasing an additional 10,271 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Key Stories Impacting Onto Innovation

Here are the key news stories impacting Onto Innovation this week:

• Positive Sentiment: Q2 results beat expectations: Onto reported adjusted earnings of $1.93 per share versus the $1.69 consensus estimate, while revenue reached a record $343.1 million, up 35.3% year over year and above the $325.3 million expected. Profitability also improved, with gross profit up 50.1% and operating profit nearly doubling. Onto Innovation earnings report
• Positive Sentiment: Raised outlook significantly: Third-quarter EPS guidance of $2.18-$2.38 and revenue guidance of $380 million-$400 million are well above Wall Street estimates of $1.93 and $351.8 million, respectively. The stronger forecast supports expectations for accelerating near-term growth. Onto Innovation second-quarter results
• Positive Sentiment: AI and advanced packaging demand remain strong: Management said backlog exceeded $1.1 billion, with orders extending into 2027. Demand for advanced packaging equipment tied to AI chip production is strengthening the company’s visibility and second-half outlook. ONTO Q2 earnings call highlights
• Positive Sentiment: Analyst confidence increased: Needham raised its price target from $330 to $360 and maintained a Buy rating, reinforcing the positive reaction to the earnings and guidance. Analyst price target update
• Positive Sentiment: Industrywide catalyst: A proposed Tesla-SpaceX “Terafab” chip-manufacturing buildout could increase long-term demand for semiconductor inspection and metrology equipment from Onto and other suppliers. Tesla-SpaceX Terafab chip equipment outlook

Onto Innovation Company Profile

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.