Oppenheimer Begins Coverage on Onto Innovation (NYSE:ONTO)

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

Several other analysts have also recently commented on ONTO. B. Riley lifted their price target on Onto Innovation from $250.00 to $280.00 and gave the company a buy rating in a report on Thursday, June 20th. Stifel Nicolaus lifted their price target 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 upgraded Onto Innovation from a hold rating to a buy rating in a report on Monday, August 19th. Finally, Benchmark restated a buy rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $259.17.

Onto Innovation Trading Down 3.3 %

Onto Innovation stock opened at $215.37 on Wednesday. The stock has a market cap of $10.61 billion, a PE ratio of 76.64 and a beta of 1.37. The stock has a 50-day moving average price of $195.49 and a 200 day moving average price of $202.20. Onto Innovation has a 52 week low of $108.98 and a 52 week high of $238.93.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.12. The firm had revenue of $242.33 million during the quarter, compared to analysts’ expectations of $235.43 million. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The firm’s quarterly revenue was up 27.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.79 EPS. On average, equities analysts predict that Onto Innovation will post 5.18 EPS for the current year.

Insider Transactions at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the sale, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vaughan Nelson Investment Management L.P. lifted its position in Onto Innovation by 24.6% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock worth $44,444,000 after acquiring an additional 39,955 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Onto Innovation by 98.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock worth $1,218,000 after acquiring an additional 2,753 shares in the last quarter. Nordea Investment Management AB lifted its position in Onto Innovation by 17.8% during the 1st quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock worth $18,586,000 after acquiring an additional 15,451 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its position in Onto Innovation by 45.7% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock worth $23,112,000 after acquiring an additional 33,025 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its position in Onto Innovation by 36.8% during the 4th quarter. Eagle Asset Management Inc. now owns 295,824 shares of the semiconductor company’s stock worth $45,231,000 after acquiring an additional 79,530 shares in the last quarter. 98.35% of the stock is 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.