Onto Innovation (NYSE:ONTO) Sees Unusually-High Trading Volume – What’s Next?

Onto Innovation Inc. (NYSE:ONTO) shares saw an uptick in trading volume on Tuesday . 2,346,401 shares were traded during trading, an increase of 151% from the previous session’s volume of 935,958 shares.The stock last traded at $240.0550 and had previously closed at $254.53.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. B. Riley Financial raised their price objective on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Evercore reiterated an “outperform” rating and set a $315.00 price objective on shares of Onto Innovation in a research report on Friday, April 17th. Stifel Nicolaus set a $350.00 price target on shares of Onto Innovation and gave the stock a “buy” rating in a report on Friday, April 17th. Cantor Fitzgerald lifted their target price on shares of Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. Finally, Weiss Ratings raised Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $310.63.

Onto Innovation Price Performance

The business’s 50-day simple moving average is $243.81 and its two-hundred day simple moving average is $199.89. The stock has a market capitalization of $12.39 billion, a price-to-earnings ratio of 116.35, a PEG ratio of 1.33 and a beta of 1.70.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm had revenue of $291.95 million during the quarter, compared to analysts’ expectations of $292.00 million. During the same period in the prior year, the company earned $1.51 EPS. The firm’s revenue was up 9.5% on a year-over-year basis. As a group, sell-side analysts expect that Onto Innovation Inc. will post 6.83 EPS for the current year.

Institutional Investors Weigh In On Onto Innovation

Institutional investors and hedge funds have recently made changes to their positions in the company. Millstone Evans Group LLC lifted its position in shares of Onto Innovation by 147.8% in the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock worth $34,000 after buying an additional 99 shares during the last quarter. Transamerica Financial Advisors LLC lifted its holdings in shares of Onto Innovation by 188.5% in the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 115 shares during the last quarter. Root Financial Partners LLC increased its position in Onto Innovation by 71.2% in the fourth quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after buying an additional 74 shares during the period. Westside Investment Management Inc. lifted its stake in Onto Innovation by 100.0% in the third quarter. Westside Investment Management Inc. now owns 198 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 99 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Onto Innovation by 109.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 128 shares during the period. 98.35% of the stock is owned by institutional investors and hedge funds.

Onto Innovation Company Profile

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.