Onto Innovation (NYSE:ONTO) Earns Outperform Rating from Analysts at Evercore ISI

Evercore ISI assumed coverage on shares of Onto Innovation (NYSE:ONTO) in a research note published on Tuesday, Marketbeat reports. The firm issued an outperform rating and a $235.00 price target on the semiconductor company’s stock.

A number of other analysts have also recently commented on the company. B. Riley upped their price target on Onto Innovation from $195.00 to $205.00 and gave the stock a buy rating in a research report on Friday, February 9th. Stifel Nicolaus upped their price target on Onto Innovation from $188.00 to $215.00 and gave the stock a buy rating in a research report on Monday, March 25th. Benchmark upped their price target on Onto Innovation from $145.00 to $180.00 and gave the stock a buy rating in a research report on Friday, February 9th. Finally, StockNews.com upgraded Onto Innovation from a sell rating to a hold rating in a research report on Monday, February 12th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $191.60.

Onto Innovation Stock Performance

Onto Innovation stock opened at $177.70 on Tuesday. The stock has a market cap of $8.73 billion, a PE ratio of 72.24 and a beta of 1.40. Onto Innovation has a one year low of $76.40 and a one year high of $199.72. The stock has a fifty day moving average of $182.01 and a 200 day moving average of $155.09.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, February 8th. The semiconductor company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07. The company had revenue of $219.00 million during the quarter, compared to analysts’ expectations of $209.06 million. Onto Innovation had a return on equity of 10.95% and a net margin of 14.85%. Onto Innovation’s revenue for the quarter was down 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.57 earnings per share. As a group, sell-side analysts predict that Onto Innovation will post 4.7 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael P. Plisinski sold 40,000 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the completion of the sale, the chief executive officer now owns 235,492 shares in the company, valued at $41,324,136.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Michael P. Plisinski sold 40,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the completion of the transaction, the chief executive officer now directly owns 235,492 shares of the company’s stock, valued at $41,324,136.16. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David Brian Miller sold 2,800 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total value of $477,372.00. Following the transaction, the director now directly owns 9,008 shares of the company’s stock, valued at $1,535,773.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,170 shares of company stock worth $8,266,955. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Onto Innovation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONTO. International Assets Investment Management LLC boosted its stake in Onto Innovation by 14,819.4% during the fourth quarter. International Assets Investment Management LLC now owns 615,575 shares of the semiconductor company’s stock valued at $94,121,000 after buying an additional 611,449 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Onto Innovation by 55.2% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,666,438 shares of the semiconductor company’s stock valued at $116,217,000 after purchasing an additional 592,920 shares during the last quarter. Norges Bank bought a new stake in shares of Onto Innovation in the 4th quarter valued at approximately $89,785,000. Invesco Ltd. lifted its stake in shares of Onto Innovation by 113.7% in the 3rd quarter. Invesco Ltd. now owns 1,074,877 shares of the semiconductor company’s stock valued at $137,068,000 after purchasing an additional 571,917 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Onto Innovation by 572.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 527,016 shares of the semiconductor company’s stock valued at $6,392,000 after purchasing an additional 448,591 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

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.