Oppenheimer Issues Positive Forecast for Onto Innovation (NYSE:ONTO) Stock Price

Onto Innovation (NYSE:ONTO - Get Free Report) had its price target upped by stock analysts at Oppenheimer from $260.00 to $275.00 in a research note issued on Friday, Benzinga reports. The firm currently has an "outperform" rating on the semiconductor company's stock. Oppenheimer's price objective indicates a potential upside of 56.29% from the stock's current price.

Several other equities analysts have also recently weighed in on the company. Benchmark reiterated a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, August 9th. Needham & Company LLC reduced their price target on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating for the company in a report on Friday. Finally, Stifel Nicolaus raised their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a "buy" rating in a report on Monday, July 15th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $254.29.

Onto Innovation Stock Performance

NYSE:ONTO traded down $22.38 during trading hours on Friday, hitting $175.95. The stock had a trading volume of 1,839,562 shares, compared to its average volume of 568,196. The business's 50 day moving average is $202.50 and its 200-day moving average is $206.56. The company has a market cap of $8.69 billion, a price-to-earnings ratio of 52.52, a P/E/G ratio of 1.33 and a beta of 1.36. Onto Innovation has a one year low of $115.07 and a one year high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.03. The business had revenue of $252.20 million during the quarter, compared to analysts' expectations of $250.85 million. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The firm's quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. On average, sell-side analysts anticipate that Onto Innovation will post 5.18 EPS for the current fiscal year.

Insider Transactions at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction dated 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 transaction, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.72% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Onto Innovation

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP raised its holdings in shares of Onto Innovation by 232.4% in 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 during the period. Northwestern Mutual Wealth Management Co. raised its stake in Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company's stock valued at $27,000 after buying an additional 108 shares during the period. Fidelis Capital Partners LLC acquired a new stake in shares of Onto Innovation in the first quarter valued at approximately $28,000. LGT Financial Advisors LLC boosted its stake in shares of Onto Innovation by 58.1% during the 2nd 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 period. Finally, Fifth Third Bancorp boosted its stake in shares of Onto Innovation by 40.2% during the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company's stock worth $64,000 after acquiring an additional 84 shares during the period. 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.