Onto Innovation (NYSE:ONTO) Stock Price Up 5.8% - Time to Buy?

Onto Innovation Inc. (NYSE:ONTO - Get Free Report) rose 5.8% on Tuesday . The company traded as high as $214.00 and last traded at $214.00. Approximately 299,175 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 558,552 shares. The stock had previously closed at $202.24.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Needham & Company LLC upgraded Onto Innovation from a "hold" rating to a "buy" rating in a research report on Monday, August 19th. Stifel Nicolaus raised their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a "buy" rating in a research note on Monday, July 15th. Benchmark reissued a "buy" rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, August 9th. Finally, Oppenheimer raised their target price on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 1st. One equities research 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, Onto Innovation has an average rating of "Moderate Buy" and a consensus target price of $261.67.

Onto Innovation Stock Up 5.5 %

The business's fifty day moving average is $203.61 and its 200-day moving average is $206.67. The stock has a market capitalization of $10.54 billion, a PE ratio of 63.71, a P/E/G ratio of 1.31 and a beta of 1.36.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, topping 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 business had revenue of $242.33 million during the quarter, compared to the consensus estimate of $235.43 million. During the same period in the prior year, the firm posted $0.79 EPS. The business's revenue for the quarter was up 27.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Onto Innovation Inc. will post 5.18 EPS for the current fiscal year.

Insider Transactions at Onto Innovation

In related 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 value of $264,231.00. Following the transaction, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.72% of the company's stock.

Institutional Trading of Onto Innovation

Large investors have recently added to or reduced their stakes in the stock. Vaughan Nelson Investment Management L.P. grew its position in Onto Innovation by 24.6% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company's stock valued at $44,444,000 after acquiring an additional 39,955 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Onto Innovation by 98.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company's stock worth $1,218,000 after buying an additional 2,753 shares in the last quarter. Nordea Investment Management AB boosted its position in Onto Innovation by 17.8% in the 1st quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company's stock valued at $18,586,000 after buying an additional 15,451 shares during the last quarter. Public Employees Retirement Association of Colorado grew its stake in shares of Onto Innovation by 45.7% during the second quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company's stock valued at $23,112,000 after acquiring an additional 33,025 shares in the last quarter. Finally, Norden Group LLC acquired a new stake in shares of Onto Innovation during the first quarter valued at about $654,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.