Onto Innovation Inc. (NYSE:ONTO) Receives Consensus Rating of "Buy" from Analysts

Onto Innovation Inc. (NYSE:ONTO - Get Free Report) has been assigned an average recommendation of "Buy" from the seven analysts that are currently covering the firm, MarketBeat.com reports. Seven research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $254.29.

Several analysts recently weighed in on ONTO shares. Oppenheimer restated an "outperform" rating and set a $275.00 target price on shares of Onto Innovation in a research note on Tuesday, December 17th. Jefferies Financial Group dropped their target price on shares of Onto Innovation from $265.00 to $245.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. Benchmark restated a "buy" rating and set a $230.00 price objective on shares of Onto Innovation in a report on Friday, November 1st. Finally, Needham & Company LLC lowered their price target on Onto Innovation from $245.00 to $230.00 and set a "buy" rating on the stock in a research note on Friday, November 1st.

Onto Innovation Stock Performance

Shares of ONTO stock traded up $8.62 during trading on Friday, hitting $180.03. 912,166 shares of the company were exchanged, compared to its average volume of 644,633. The firm has a market capitalization of $8.89 billion, a price-to-earnings ratio of 48.79, a P/E/G ratio of 1.07 and a beta of 1.29. The business's 50-day simple moving average is $171.80 and its 200 day simple moving average is $193.68. Onto Innovation has a twelve month low of $134.11 and a twelve month high of $238.93.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.31 by $0.03. The company had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The company's revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter last year, the business posted $0.96 EPS. On average, equities analysts forecast that Onto Innovation will post 5.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Onto Innovation

Institutional investors and hedge funds have recently made changes to their positions in the company. Magnetar Financial LLC raised its holdings in Onto Innovation by 4.0% during the 2nd quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company's stock worth $356,000 after purchasing an additional 63 shares during the last quarter. Northwest & Ethical Investments L.P. boosted its stake in Onto Innovation by 7.8% in the third quarter. Northwest & Ethical Investments L.P. now owns 1,050 shares of the semiconductor company's stock valued at $218,000 after acquiring an additional 76 shares during the last quarter. Quarry LP grew its holdings in Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 79 shares during the period. Hunter Perkins Capital Management LLC raised its position in shares of Onto Innovation by 3.6% during the 3rd quarter. Hunter Perkins Capital Management LLC now owns 2,325 shares of the semiconductor company's stock valued at $483,000 after acquiring an additional 80 shares during the last quarter. Finally, Evergreen Capital Management LLC grew its stake in shares of Onto Innovation by 2.9% during the second quarter. Evergreen Capital Management LLC now owns 2,975 shares of the semiconductor company's stock worth $653,000 after purchasing an additional 85 shares during the period. Institutional investors own 98.35% of the company's stock.

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.