Onto Innovation Inc. (NYSE:ONTO) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Onto Innovation Inc. (NYSE:ONTO) have been assigned a consensus recommendation of “Buy” from the seven ratings firms that are presently covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $261.67.

A number of equities research analysts have recently weighed in on ONTO shares. Needham & Company LLC upgraded Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Oppenheimer upped their target price on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Benchmark reiterated a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday, August 9th. Finally, Stifel Nicolaus boosted 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.

Insiders Place Their Bets

In related news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction 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 transaction, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC boosted its position in Onto Innovation by 304.9% during the second quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock worth $98,329,000 after purchasing an additional 337,250 shares during the period. Natixis Advisors LLC grew its stake in Onto Innovation by 379.8% in the 2nd quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock valued at $53,824,000 after buying an additional 194,056 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Onto Innovation by 28.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after acquiring an additional 189,769 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Onto Innovation by 58.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 470,059 shares of the semiconductor company’s stock worth $85,118,000 after acquiring an additional 174,010 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. bought a new stake in shares of Onto Innovation during the first quarter worth approximately $29,420,000. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Performance

Shares of NYSE ONTO opened at $204.36 on Monday. Onto Innovation has a 52-week low of $108.98 and a 52-week high of $238.93. The business has a fifty day moving average of $203.78 and a two-hundred day moving average of $206.10. The stock has a market cap of $10.09 billion, a PE ratio of 61.00, a PEG ratio of 1.32 and a beta of 1.36.

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

Onto Innovation Company Profile

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.