Onto Innovation (NYSE:ONTO) Stock Price Up 8.6% – Here’s Why

Onto Innovation Inc. (NYSE:ONTO)’s share price rose 8.6% during mid-day trading on Thursday . The stock traded as high as $353.18 and last traded at $350.08. 855,788 shares were traded during trading, a decline of 16% from the average session volume of 1,015,419 shares. The stock had previously closed at $322.24.

Wall Street Analyst Weigh In

ONTO has been the topic of several recent research reports. Jefferies Financial Group reissued a “buy” rating and issued a $350.00 price objective on shares of Onto Innovation in a research note on Wednesday, May 6th. Zacks Research downgraded shares of Onto Innovation from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Oppenheimer increased their price target on shares of Onto Innovation from $370.00 to $450.00 and gave the stock an “outperform” rating in a report on Monday. Wall Street Zen upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Needham & Company LLC boosted 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 investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $328.60.

Onto Innovation Price Performance

The firm’s 50-day simple moving average is $285.65 and its two-hundred day simple moving average is $228.56. The company has a market capitalization of $17.10 billion, a price-to-earnings ratio of 160.48, a price-to-earnings-growth ratio of 1.29 and a beta of 1.62.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. The company had revenue of $291.95 million during the quarter, compared to the consensus estimate of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $1.51 EPS. On average, analysts expect that Onto Innovation Inc. will post 7.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Onto Innovation

Institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP raised its holdings in Onto Innovation by 1,217.0% in 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 boosted its stake in Onto Innovation by 80.3% in the 3rd quarter. William Blair Investment Management LLC now owns 1,981,761 shares of the semiconductor company’s stock worth $256,083,000 after buying an additional 882,901 shares during the last quarter. Norges Bank purchased a new stake in Onto Innovation in the 4th quarter valued at about $104,938,000. Jennison Associates LLC increased its stake 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 boosted its position in shares of Onto Innovation by 315.8% in the fourth quarter. AQR Capital Management LLC now owns 615,651 shares of the semiconductor company’s stock worth $97,187,000 after acquiring an additional 467,587 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

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.