Onto Innovation (NASDAQ:ONTO) Rating Increased to Buy at Zacks Investment Research

Onto Innovation (NASDAQ:ONTO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, Zacks.com reports. The brokerage currently has a $43.00 target price on the stock. Zacks Investment Research‘s target price indicates a potential upside of 8.50% from the stock’s current price.

According to Zacks, “Onto Innovation Inc. is in process control which include 3D metrology spanning the chip from nanometer-scale transistors to micron-level die-interconnects; macro defect inspection of wafers and packages; metal interconnect composition; factory analytics and lithography for advanced semiconductor packaging. Onto Innovation Inc., formerly known as Nanometrics Incorporated, is headquartered in Wilmington, Massachusetts. “

Other equities analysts also recently issued research reports about the stock. TheStreet raised shares of Onto Innovation from a “c+” rating to a “b-” rating in a report on Monday, October 28th. Needham & Company LLC reissued a “buy” rating and issued a $44.00 price objective on shares of Onto Innovation in a report on Tuesday, January 21st. Benchmark raised their price objective on shares of Onto Innovation from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, B. Riley raised their price objective on shares of Onto Innovation from $47.00 to $53.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Four research analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and an average target price of $47.50.

Shares of NASDAQ ONTO opened at $39.63 on Thursday. The company’s 50-day moving average is $38.00. Onto Innovation has a 52-week low of $26.51 and a 52-week high of $42.50.

Onto Innovation (NASDAQ:ONTO) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $120.56 million during the quarter, compared to analysts’ expectations of $117.52 million. The business’s quarterly revenue was up 92.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.33 EPS.

In related news, Director Bruce C. Rhine sold 80,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $40.01, for a total value of $3,200,800.00. Following the transaction, the director now owns 628,387 shares of the company’s stock, valued at $25,141,763.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

About Onto Innovation

Onto Innovation Inc designs, develops, manufactures, and supports process control defect inspection and metrology, advanced packaging lithography, and process control software systems used by microelectronic device manufacturers. It offers process and yield management solutions used in bare silicon wafer production and processing facilities, and device packaging and test facilities through standalone systems for macro-defect inspection, packaging lithography, probe card test and analysis, and transparent and opaque thin film measurements.

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