Onto Innovation Inc. (NYSE:ONTO) Given Average Rating of "Buy" by Brokerages

Onto Innovation Inc. (NYSE:ONTO - Get Free Report) has been assigned an average recommendation of "Buy" from the seven research firms that are presently covering the firm, Marketbeat reports. Seven equities research analysts have rated the stock with a buy rating. The average 1 year price target among brokers that have issued a report on the stock in the last year is $254.29.

A number of analysts have issued reports on ONTO shares. Needham & Company LLC decreased their price target on Onto Innovation from $245.00 to $230.00 and set a "buy" rating for the company in a report on Friday, November 1st. Jefferies Financial Group lowered their price target on Onto Innovation from $265.00 to $245.00 and set a "buy" rating for the company in a report on Friday, November 1st. Benchmark reissued a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. Finally, Oppenheimer upped their target price on shares of Onto Innovation from $260.00 to $275.00 and gave the company an "outperform" rating in a report on Friday, November 1st.

Onto Innovation Stock Performance

Shares of ONTO traded down $6.27 during mid-day trading on Friday, hitting $158.48. 941,980 shares of the company's stock were exchanged, compared to its average volume of 585,864. The stock's 50-day moving average is $197.14 and its 200-day moving average is $206.16. Onto Innovation has a fifty-two week low of $131.78 and a fifty-two week high of $238.93. The company has a market cap of $7.83 billion, a price-to-earnings ratio of 43.37, a P/E/G ratio of 1.06 and a beta of 1.37.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share 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 return on equity of 13.38% and a net margin of 19.44%. The company's revenue was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 earnings per share. As a group, equities research analysts anticipate that Onto Innovation will post 5.19 EPS for the current year.

Insider Activity at Onto Innovation

In other 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 sale, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. This represents a 7.36 % decrease in their ownership of the stock. The sale 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 company insiders.

Institutional Investors Weigh In On Onto Innovation

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. boosted its stake in Onto Innovation by 24.6% during 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 shares of 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 during the last quarter. Public Employees Retirement Association of Colorado grew its position in shares of 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 valued at $23,112,000 after buying an additional 33,025 shares during the last quarter. Bessemer Group Inc. raised its stake in Onto Innovation by 7.0% during the first quarter. Bessemer Group Inc. now owns 119,890 shares of the semiconductor company's stock worth $21,709,000 after acquiring an additional 7,815 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its stake in Onto Innovation by 27.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 17,789 shares of the semiconductor company's stock valued at $3,221,000 after acquiring an additional 3,800 shares during the period. 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.