Onto Innovation Inc. (NYSE:ONTO) Given Consensus Rating of “Buy” by Analysts

Onto Innovation Inc. (NYSE:ONTO) has received an average rating of “Buy” from the seven brokerages that are currently covering the company, MarketBeat.com reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $254.29.

ONTO has been the topic of several analyst reports. Benchmark reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research note on Friday, November 1st. Jefferies Financial Group dropped their price target on 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 cut their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Oppenheimer lifted their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, November 1st.

Insiders Place Their Bets

In other news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the sale, the senior vice president now owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 7.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Quarry LP increased its stake in shares of Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 108 shares during the last quarter. LGT Financial Advisors LLC boosted its stake in Onto Innovation by 58.1% in the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after buying an additional 90 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Onto Innovation by 40.2% in the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after purchasing an additional 84 shares in the last quarter. Finally, Eastern Bank bought a new position in shares of Onto Innovation during the third quarter valued at about $65,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Performance

Onto Innovation stock opened at $166.50 on Friday. The stock has a market capitalization of $8.22 billion, a P/E ratio of 45.12, a price-to-earnings-growth ratio of 1.05 and a beta of 1.37. Onto Innovation has a 52 week low of $134.11 and a 52 week high of $238.93. The stock has a fifty day moving average of $194.81 and a 200-day moving average of $205.14.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share 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 company had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. During the same quarter last year, the business posted $0.96 EPS. Onto Innovation’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, research analysts forecast that Onto Innovation will post 5.19 earnings per share for the current year.

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.