Onto Innovation (NYSE:ONTO) Shares Gap Up – What’s Next?

Shares of Onto Innovation Inc. (NYSE:ONTO) gapped up before the market opened on Friday . The stock had previously closed at $161.04, but opened at $165.29. Onto Innovation shares last traded at $167.00, with a volume of 112,566 shares.

Analyst Ratings Changes

Several equities analysts recently commented on ONTO shares. Oppenheimer upped their target price on Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Jefferies Financial Group cut their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Benchmark reissued a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. Finally, Needham & Company LLC dropped their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Onto Innovation has a consensus rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Trading Up 2.8 %

The stock’s 50-day moving average is $191.73 and its 200-day moving average is $203.46. The stock has a market cap of $8.18 billion, a price-to-earnings ratio of 43.64, a P/E/G ratio of 1.03 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.96 earnings per share. On average, equities analysts predict that Onto Innovation Inc. will post 5.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the transaction, the senior vice president now owns 16,050 shares in the company, valued at $3,326,202. This represents a 7.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Institutional Trading of Onto Innovation

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

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.