Onto Innovation (NYSE:ONTO) Shares Gap Up to $203.51

Onto Innovation Inc. (NYSE:ONTO - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $203.51, but opened at $222.57. Onto Innovation shares last traded at $221.98, with a volume of 108,296 shares changing hands.

Analyst Upgrades and Downgrades

ONTO has been the subject of several recent research reports. Oppenheimer started coverage on shares of Onto Innovation in a report on Wednesday. They issued an "outperform" rating and a $260.00 price target for the company. Stifel Nicolaus upped their target price on Onto Innovation from $240.00 to $270.00 and gave the stock a "buy" rating in a report on Monday, July 15th. B. Riley lifted their price target on Onto Innovation from $250.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, June 20th. Needham & Company LLC upgraded Onto Innovation from a "hold" rating to a "buy" rating in a research note on Monday, August 19th. Finally, Benchmark reaffirmed a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Onto Innovation presently has a consensus rating of "Moderate Buy" and a consensus target price of $259.17.

Onto Innovation Stock Performance

The stock has a market cap of $10.97 billion, a PE ratio of 80.13 and a beta of 1.37. The firm has a fifty day moving average price of $195.10 and a 200 day moving average price of $202.06.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.12. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The company had revenue of $242.33 million during the quarter, compared to analysts' expectations of $235.43 million. During the same period last year, the business posted $0.79 earnings per share. The firm's revenue was up 27.1% compared to the same quarter last year. On average, equities research analysts forecast that Onto Innovation Inc. will post 5.18 earnings per share for the current year.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation 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 transaction, the senior vice president now directly owns 16,050 shares of the company's stock, valued at approximately $3,326,202. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONTO. Quarry LP grew its holdings in Onto Innovation by 232.4% in the second 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. increased its holdings in Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 108 shares during the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of Onto Innovation in the 1st quarter valued at $28,000. Rise Advisors LLC purchased a new stake in Onto Innovation during the first quarter worth about $38,000. Finally, GAMMA Investing LLC increased its stake in Onto Innovation by 41.1% during the 1st quarter. GAMMA Investing LLC now owns 292 shares of the semiconductor company's stock worth $53,000 after buying an additional 85 shares during the period. 98.35% of the stock is owned by institutional investors and hedge funds.

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.