Analysts Set Onto Innovation Inc. (NYSE:ONTO) PT at $254.29

Onto Innovation Inc. (NYSE:ONTO) has earned an average rating of “Buy” from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. Seven analysts have rated the stock with a buy rating. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $254.29.

ONTO has been the subject of several recent analyst reports. Benchmark restated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research note on Friday, November 1st. Jefferies Financial Group decreased their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Needham & Company LLC dropped their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $275.00 target price on shares of Onto Innovation in a report on Tuesday, December 17th.

Onto Innovation Stock Performance

ONTO opened at $191.88 on Friday. The stock has a market cap of $9.48 billion, a price-to-earnings ratio of 52.00, a price-to-earnings-growth ratio of 1.07 and a beta of 1.29. The firm’s fifty day moving average is $170.88 and its 200 day moving average is $192.81. Onto Innovation has a fifty-two week low of $136.32 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. During the same period in the previous year, the business earned $0.96 earnings per share. The business’s revenue was up 21.7% on a year-over-year basis. On average, equities research analysts predict that Onto Innovation will post 5.22 earnings per share for the current year.

Institutional Investors Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONTO. JPMorgan Chase & Co. increased its position in shares of Onto Innovation by 12.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock valued at $416,863,000 after purchasing an additional 228,800 shares during the last quarter. State Street Corp boosted its stake in Onto Innovation by 2.8% during the third quarter. State Street Corp now owns 1,469,969 shares of the semiconductor company’s stock worth $305,107,000 after buying an additional 39,367 shares during the period. Franklin Resources Inc. boosted its stake in Onto Innovation by 4.5% during the third quarter. Franklin Resources Inc. now owns 1,281,801 shares of the semiconductor company’s stock worth $288,320,000 after buying an additional 54,868 shares during the period. Congress Asset Management Co. increased its position in Onto Innovation by 38.1% during the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after acquiring an additional 295,869 shares during the last quarter. Finally, Geneva Capital Management LLC raised its stake in shares of Onto Innovation by 2.6% in the third quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company’s stock valued at $195,032,000 after acquiring an additional 23,628 shares during the period. 98.35% of the stock is currently 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.