Needham & Company LLC Has Lowered Expectations for Onto Innovation (NYSE:ONTO) Stock Price

Onto Innovation (NYSE:ONTO) had its price target lowered by Needham & Company LLC from $245.00 to $230.00 in a research report report published on Friday, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

A number of other analysts have also recently weighed in on the stock. Oppenheimer increased their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Benchmark reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, August 9th. Finally, Stifel Nicolaus increased their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, July 15th. One equities research 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.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Stock Performance

Shares of NYSE:ONTO opened at $172.95 on Friday. The stock has a market capitalization of $8.54 billion, a price-to-earnings ratio of 46.87, a price-to-earnings-growth ratio of 1.13 and a beta of 1.37. Onto Innovation has a 1-year low of $117.44 and a 1-year high of $238.93. The company’s fifty day moving average is $201.79 and its two-hundred day moving average is $206.82.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. During the same quarter last year, the company earned $0.96 EPS. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. Sell-side analysts expect that Onto Innovation will post 5.19 EPS for the current fiscal year.

Insider Activity

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. State of Michigan Retirement System raised its position in Onto Innovation by 2.5% during the first quarter. State of Michigan Retirement System now owns 12,100 shares of the semiconductor company’s stock valued at $2,191,000 after acquiring an additional 300 shares in the last quarter. Norden Group LLC bought a new position in Onto Innovation during the first quarter valued at approximately $654,000. Fidelis Capital Partners LLC bought a new position in Onto Innovation during the first quarter valued at approximately $28,000. Nordea Investment Management AB raised its position in Onto Innovation by 17.8% during the first quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock valued at $18,586,000 after acquiring an additional 15,451 shares in the last quarter. Finally, Jennison Associates LLC raised its position in Onto Innovation by 135.7% during the first quarter. Jennison Associates LLC now owns 8,219 shares of the semiconductor company’s stock valued at $1,488,000 after acquiring an additional 4,732 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.