Onto Innovation (NYSE:ONTO) Price Target Cut to $350.00 by Analysts at Jefferies Financial Group

Onto Innovation (NYSE:ONTO) had its target price dropped by research analysts at Jefferies Financial Group from $400.00 to $350.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Jefferies Financial Group‘s target price suggests a potential upside of 77.30% from the stock’s previous close.

A number of other research firms have also weighed in on ONTO. Needham & Company LLC lowered their target price on Onto Innovation from $360.00 to $285.00 and set a “buy” rating for the company in a report on Tuesday. B. Riley Financial cut their price target on Onto Innovation from $340.00 to $285.00 and set a “buy” rating on the stock in a report on Monday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Onto Innovation in a report on Tuesday, October 20th. Stifel Nicolaus reduced their price target on Onto Innovation from $350.00 to $305.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Weiss Ratings upgraded Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $354.55.

Onto Innovation Stock Up 1.7%

Onto Innovation stock traded up $3.37 during midday trading on Tuesday, hitting $197.41. 1,948,284 shares of the company’s stock were exchanged, compared to its average volume of 1,064,127. The company has a debt-to-equity ratio of 0.77, a quick ratio of 8.33 and a current ratio of 9.73. The company has a market cap of $9.69 billion, a PE ratio of 74.21, a P/E/G ratio of 0.60 and a beta of 1.66. The firm has a 50-day moving average of $252.12 and a two-hundred day moving average of $259.19. Onto Innovation has a 12 month low of $121.57 and a 12 month high of $386.46.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Monday, November 9th. The semiconductor company reported $2.44 EPS for the quarter, beating the consensus estimate of $2.30 by $0.14. Onto Innovation had a net margin of 11.84% and a return on equity of 13.44%. The business had revenue of $409.75 million during the quarter, compared to analyst estimates of $392.08 million. During the same quarter in the previous year, the business posted $0.92 EPS. The company’s quarterly revenue was up 87.8% compared to the same quarter last year. As a group, analysts expect that Onto Innovation will post 8.04 earnings per share for the current fiscal year.

Insider Activity at Onto Innovation

In other Onto Innovation news, Director David Miller sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the completion of the sale, the director directly owned 10,692 shares in the company, valued at $3,207,600. This trade represents a 15.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Susan D. Lynch sold 1,000 shares of Onto Innovation stock in a transaction on Friday, August 21st. The stock was sold at an average price of $302.30, for a total transaction of $302,300.00. Following the completion of the transaction, the director directly owned 2,684 shares in the company, valued at $811,373.20. This represents a 27.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.51% of the company’s stock.

Institutional Trading of Onto Innovation

A number of institutional investors have recently made changes to their positions in ONTO. Andar Capital Management HK Ltd acquired a new stake in shares of Onto Innovation during the second quarter worth $69,000,000. BlackRock Inc. purchased a new stake in shares of Onto Innovation during the second quarter valued at $2,083,436,000. Paradigm Capital Management Inc. NY acquired a new position in shares of Onto Innovation in the 2nd quarter valued at $416,839,000. William Blair Investment Management LLC acquired a new position in shares of Onto Innovation in the 2nd quarter valued at $251,812,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Onto Innovation in the 2nd quarter valued at $162,052,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Onto Innovation News Summary

Here are the key news stories impacting Onto Innovation this week:

• Positive Sentiment: Q3 revenue reached a record $409.75 million, up 88% year over year, while EPS of $2.44 beat the roughly $2.30 consensus. Revenue, operating margin and EPS also exceeded the high end of the company’s prior guidance. Onto Innovation Q3 results
• Positive Sentiment: Q4 guidance calls for revenue of $430 million–$450 million and EPS of $2.59–$2.79, both above consensus estimates. The reported backlog of more than $1.3 billion and AI-related demand add support to the growth outlook. Q4 outlook and backlog
• Neutral Sentiment: Morgan Stanley, RBC and B. Riley cut their price targets to $325, $350 and $285, respectively, but retained Overweight, Outperform and Buy ratings. The reductions may temper sentiment, though all three targets remain above the price cited in the reports. Morgan Stanley rating RBC rating B. Riley rating
• Negative Sentiment: Analyst commentary flags valuation and execution risks, which could limit the market’s reaction to the strong results and upbeat outlook. Zacks outlook and risks

Onto Innovation Company Profile

Onto Innovation develops process-control and inspection solutions used in semiconductor manufacturing. Its products include metrology and inspection systems, lithography equipment, and software that help manufacturers monitor production processes and identify defects. The company serves producers of semiconductor devices, advanced packaging, and specialty components. Its technologies support applications ranging from traditional wafer fabrication to newer packaging methods used in complex chips.