Brokerages Set Onto Innovation Inc. (NYSE:ONTO) Price Target at $259.17

Onto Innovation Inc. (NYSE:ONTO) has earned an average recommendation of “Buy” from the seven ratings firms that are presently covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $261.67.

Several analysts have weighed in on the stock. Needham & Company LLC raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. B. Riley upped their target price on Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Benchmark restated a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, August 9th. Stifel Nicolaus boosted their price target on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, Oppenheimer raised their price objective on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday.

Onto Innovation Price Performance

ONTO opened at $209.59 on Thursday. The firm has a market capitalization of $10.33 billion, a PE ratio of 74.59 and a beta of 1.37. The business’s 50-day moving average is $195.83 and its two-hundred day moving average is $203.21. Onto Innovation has a 1 year low of $108.98 and a 1 year high of $238.93.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The business had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. During the same period in the previous year, the company earned $0.79 earnings per share. The business’s revenue for the quarter was up 27.1% on a year-over-year basis. As a group, sell-side analysts expect that Onto Innovation will post 5.18 EPS for the current year.

Insider Buying and Selling

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 of the company’s stock, valued at $3,326,202. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Onto Innovation

Several hedge funds have recently modified their holdings of the company. Central Pacific Bank Trust Division raised its holdings in Onto Innovation by 11.3% in the 3rd quarter. Central Pacific Bank Trust Division now owns 890 shares of the semiconductor company’s stock worth $185,000 after purchasing an additional 90 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Onto Innovation in the second quarter valued at approximately $250,000. Cetera Investment Advisers raised its stake in shares of Onto Innovation by 118.2% during the 2nd quarter. Cetera Investment Advisers now owns 9,151 shares of the semiconductor company’s stock worth $2,009,000 after buying an additional 4,958 shares during the period. Quarry LP lifted its position in shares of Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 79 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 108 shares during the period. 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.