Onto Innovation (NYSE:ONTO) Shares Gap Up – Here’s What Happened

Onto Innovation Inc. (NYSE:ONTO) gapped up before the market opened on Tuesday . The stock had previously closed at $268.99, but opened at $290.00. Onto Innovation shares last traded at $288.8550, with a volume of 212,094 shares.

Analyst Ratings Changes

ONTO has been the subject of several analyst reports. Cantor Fitzgerald boosted their price objective on Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, April 6th. Jefferies Financial Group reiterated a “buy” rating and set a $350.00 price objective on shares of Onto Innovation in a research report on Wednesday, May 6th. Stifel Nicolaus set a $350.00 price objective on Onto Innovation and gave the stock a “buy” rating in a research report on Friday, April 17th. Weiss Ratings upgraded Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Finally, Needham & Company LLC upped their target price on Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $315.00.

Onto Innovation Stock Performance

The company has a market capitalization of $13.02 billion, a price-to-earnings ratio of 122.09, a P/E/G ratio of 1.20 and a beta of 1.63. The stock’s fifty day simple moving average is $263.35 and its two-hundred day simple moving average is $213.76.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating 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 company had revenue of $291.95 million during the quarter, compared to the consensus estimate of $292.00 million. During the same period in the prior year, the company earned $1.51 EPS. Onto Innovation’s revenue was up 9.5% on a year-over-year basis. On average, equities analysts anticipate that Onto Innovation Inc. will post 7.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Onto Innovation

A number of institutional investors and hedge funds have recently modified their holdings of ONTO. Wellington Management Group LLP lifted its position in shares of Onto Innovation by 1,217.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock valued at $180,778,000 after acquiring an additional 1,292,772 shares during the last quarter. William Blair Investment Management LLC lifted its position in shares of Onto Innovation by 80.3% during the 3rd quarter. William Blair Investment Management LLC now owns 1,981,761 shares of the semiconductor company’s stock valued at $256,083,000 after acquiring an additional 882,901 shares during the last quarter. Norges Bank acquired a new stake in shares of Onto Innovation during the 4th quarter valued at $104,938,000. Jennison Associates LLC lifted its position in shares of Onto Innovation by 1,293.5% during the 4th quarter. Jennison Associates LLC now owns 680,822 shares of the semiconductor company’s stock valued at $107,475,000 after acquiring an additional 631,965 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Onto Innovation by 315.8% during the 4th quarter. AQR Capital Management LLC now owns 615,651 shares of the semiconductor company’s stock valued at $97,187,000 after acquiring an additional 467,587 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

About Onto Innovation

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.