Onto Innovation (NYSE:ONTO) Stock Price Target Lowered at Freedom Broker

Onto Innovation (NYSE:ONTO) had its target price decreased by Freedom Broker from $410.00 to $325.00 in a research report released on Wednesday morning,Benzinga reports. Freedom Broker currently has a buy rating on the semiconductor company’s stock.

Several other research firms have also issued reports on ONTO. Weiss Ratings upgraded shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. Needham & Company LLC lowered their price objective on shares of Onto Innovation from $360.00 to $285.00 and set a “buy” rating for the company in a research report on Tuesday. B. Riley Financial lowered their price objective on shares of Onto Innovation from $340.00 to $285.00 and set a “buy” rating for the company in a research report on Monday. Royal Bank Of Canada cut their target price on Onto Innovation from $400.00 to $350.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, The Goldman Sachs Group assumed coverage on Onto Innovation in a report on Monday, August 17th. They issued a “buy” rating and a $400.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $352.08.

Onto Innovation Stock Performance

NYSE:ONTO opened at $215.19 on Wednesday. The company has a market cap of $10.56 billion, a price-to-earnings ratio of 28.02, a PEG ratio of 0.63 and a beta of 1.66. Onto Innovation has a fifty-two week low of $121.57 and a fifty-two week high of $386.46. The company has a debt-to-equity ratio of 0.74, a quick ratio of 8.33 and a current ratio of 6.78. The stock has a fifty day moving average price of $249.92 and a 200-day moving average price of $259.13.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Monday, November 9th. The semiconductor company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.14. Onto Innovation had a return on equity of 17.18% and a net margin of 11.53%. The company had revenue of $409.75 million for the quarter, compared to analysts’ expectations of $392.06 million. During the same quarter last year, the business earned $0.92 earnings per share. Onto Innovation’s revenue was up 87.8% on a year-over-year basis. As a group, equities analysts anticipate that Onto Innovation will post 8.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director David Miller sold 2,000 shares of the stock in a transaction on Tuesday, September 29th. The stock was 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 represents a 15.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Susan D. Lynch sold 1,000 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $302.30, for a total value of $302,300.00. Following the transaction, the director directly owned 2,684 shares of the company’s stock, valued at approximately $811,373.20. This represents a 27.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Onto Innovation

Institutional investors have recently made changes to their positions in the stock. Andar Capital Management HK Ltd bought a new position in Onto Innovation during the 2nd quarter worth approximately $69,000,000. BlackRock Inc. acquired a new position in shares of Onto Innovation in the 2nd quarter worth approximately $2,083,436,000. Paradigm Capital Management Inc. NY bought a new stake in shares of Onto Innovation in the 2nd quarter valued at $416,839,000. Dimensional Fund Advisors LP boosted its stake in shares of Onto Innovation by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 677,502 shares of the semiconductor company’s stock valued at $138,898,000 after purchasing an additional 28,137 shares during the last quarter. Finally, William Blair Investment Management LLC bought a new stake in shares of Onto Innovation in the 2nd quarter valued at $251,812,000. Institutional investors own 98.35% of the company’s stock.

Latest Onto Innovation News

Here’s some of the latest news about ONTO:

• Positive Sentiment: Q3 results beat expectations: Onto reported revenue of about $409.8 million, up 88% year over year, and EPS of $2.44, topping analyst estimates of $392.1 million and $2.30, respectively. Article: Onto Innovation posts record Q3 revenue
• Positive Sentiment: Q4 outlook exceeded consensus: The company forecast revenue of $430 million–$450 million and EPS of $2.59–$2.79, above analyst estimates of $409.5 million and $2.47. Its backlog also topped $1.3 billion, supporting demand visibility. Article: Onto Innovation Q4 outlook and backlog
• Neutral Sentiment: Price targets were reduced, but ratings stayed positive: Freedom Broker cut its target to $325 from $410; Jefferies and RBC lowered theirs to $350 from $400; Morgan Stanley reduced its target to $325 from $360. Each retained a bullish rating, indicating continued optimism but more cautious valuation assumptions. Article: Freedom Broker rating

About Onto Innovation

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.