Onto Innovation (NYSE:ONTO) Price Target Cut to $245.00 by Analysts at Jefferies Financial Group

Onto Innovation (NYSE:ONTO) had its price target decreased by Jefferies Financial Group from $265.00 to $245.00 in a research report report published on Friday, Benzinga reports. Jefferies Financial Group currently has a buy rating on the semiconductor company’s stock.

ONTO has been the topic of a number of other reports. Benchmark reissued a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday. Stifel Nicolaus upped their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Oppenheimer raised their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Needham & Company LLC cut their target price on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Stock Down 1.8 %

ONTO stock opened at $172.95 on Friday. The firm’s 50-day simple moving average is $201.79 and its 200 day simple moving average is $206.82. The stock has a market cap of $8.54 billion, a PE ratio of 46.87, a price-to-earnings-growth ratio of 1.28 and a beta of 1.37. Onto Innovation has a fifty-two week low of $117.44 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.61% and a net margin of 19.44%. The business had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. During the same period in the previous year, the firm posted $0.96 earnings per share. The business’s revenue was up 21.7% on a year-over-year basis. Equities analysts forecast that Onto Innovation will post 5.18 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction that occurred on 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 sale, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Onto Innovation

Hedge funds have recently bought and sold shares of the business. State of Michigan Retirement System increased its stake in Onto Innovation by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 12,100 shares of the semiconductor company’s stock valued at $2,191,000 after buying an additional 300 shares during the period. Norden Group LLC purchased a new position in Onto Innovation in the first quarter valued at about $654,000. Fidelis Capital Partners LLC acquired a new position in Onto Innovation in the 1st quarter worth about $28,000. Nordea Investment Management AB raised its stake in shares of 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 purchasing an additional 15,451 shares in the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of Onto Innovation by 135.7% during the 1st quarter. Jennison Associates LLC now owns 8,219 shares of the semiconductor company’s stock valued at $1,488,000 after buying an additional 4,732 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

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.