Onto Innovation (NYSE:ONTO) Given New $240.00 Price Target at Oppenheimer

Onto Innovation (NYSE:ONTO) had its price objective cut by investment analysts at Oppenheimer from $275.00 to $240.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the semiconductor company’s stock. Oppenheimer’s price objective would suggest a potential upside of 42.00% from the company’s current price.

ONTO has been the subject of several other reports. StockNews.com cut Onto Innovation from a “hold” rating to a “sell” rating in a research report on Tuesday, February 11th. Benchmark reiterated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research note on Friday, February 7th. Stifel Nicolaus dropped their price target on Onto Innovation from $270.00 to $250.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $250.00 price target on shares of Onto Innovation in a report on Friday, February 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Onto Innovation presently has a consensus rating of “Moderate Buy” and an average price target of $246.88.

Onto Innovation Trading Down 1.1 %

Shares of NYSE:ONTO traded down $1.91 during trading on Thursday, hitting $169.02. 249,985 shares of the company’s stock traded hands, compared to its average volume of 964,416. Onto Innovation has a 52 week low of $145.15 and a 52 week high of $238.93. The company has a market cap of $8.35 billion, a price-to-earnings ratio of 41.64, a price-to-earnings-growth ratio of 0.91 and a beta of 1.31. The company has a 50-day moving average price of $187.05 and a 200-day moving average price of $189.61.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. On average, analysts predict that Onto Innovation will post 6.32 earnings per share for the current fiscal year.

Insider Transactions at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 827 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total value of $169,535.00. Following the completion of the sale, the senior vice president now owns 15,223 shares in the company, valued at approximately $3,120,715. This trade represents a 5.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael P. Plisinski sold 35,000 shares of Onto Innovation stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $219.19, for a total transaction of $7,671,650.00. Following the sale, the chief executive officer now owns 150,492 shares of the company’s stock, valued at approximately $32,986,341.48. This represents a 18.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 85,827 shares of company stock valued at $18,182,185 over the last 90 days. Corporate insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

Large investors have recently modified their holdings of the stock. Kestra Investment Management LLC acquired a new stake in Onto Innovation during the fourth quarter worth about $26,000. Mather Group LLC. increased its stake in shares of Onto Innovation by 209.4% in the 4th quarter. Mather Group LLC. now owns 164 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 111 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in Onto Innovation during the fourth quarter worth $38,000. Versant Capital Management Inc grew its stake in shares of Onto Innovation by 532.4% in the 4th quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 197 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in Onto Innovation during the fourth quarter valued at about $43,000. 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.