Onto Innovation (NYSE:ONTO) Given Buy Rating at Benchmark

Benchmark reaffirmed their buy rating on shares of Onto Innovation (NYSE:ONTO - Free Report) in a research report report published on Friday morning, Benzinga reports. Benchmark currently has a $230.00 price objective on the semiconductor company's stock.

A number of other equities analysts also recently issued reports on the company. Stifel Nicolaus increased their price target on Onto Innovation from $240.00 to $270.00 and gave the stock a "buy" rating in a research report on Monday, July 15th. Oppenheimer increased their target price on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a report on Friday. Finally, 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. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Onto Innovation currently has an average rating of "Moderate Buy" and an average price target of $254.29.

Onto Innovation Trading Down 11.3 %

Shares of NYSE ONTO traded down $22.38 during mid-day trading on Friday, reaching $175.95. The company had a trading volume of 1,839,562 shares, compared to its average volume of 568,196. Onto Innovation has a 52 week low of $115.07 and a 52 week high of $238.93. The business's 50-day moving average is $203.24 and its 200-day moving average is $206.62. The stock has a market cap of $8.69 billion, a price-to-earnings ratio of 52.58, a price-to-earnings-growth ratio of 1.33 and a beta of 1.36.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. The business had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The company's quarterly revenue was up 21.7% compared to the same quarter last year. During the same period last year, the company posted $0.96 earnings per share. As a group, equities research analysts forecast that Onto Innovation will post 5.18 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Srinivas Vedula sold 1,275 shares of the company's stock in a transaction 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 transaction, the senior vice president now directly owns 16,050 shares of the company's stock, valued at $3,326,202. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is owned by insiders.

Hedge Funds Weigh In On Onto Innovation

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Onto Innovation by 24.6% in the 2nd 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 during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Onto Innovation by 98.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company's stock valued at $1,218,000 after purchasing an additional 2,753 shares during the period. Nordea Investment Management AB boosted its holdings in Onto Innovation by 17.8% in the first quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company's stock valued at $18,586,000 after purchasing an additional 15,451 shares during the last quarter. Public Employees Retirement Association of Colorado grew its position in Onto Innovation by 45.7% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company's stock worth $23,112,000 after purchasing an additional 33,025 shares during the period. Finally, Norden Group LLC acquired a new position in shares of Onto Innovation in the 1st quarter valued at about $654,000. Institutional investors and hedge funds 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.