Onto Innovation (NYSE:ONTO) Trading 5.3% Higher - Time to Buy?

Onto Innovation Inc. (NYSE:ONTO - Get Free Report) rose 5.3% during trading on Wednesday . The company traded as high as $182.11 and last traded at $181.42. Approximately 238,321 shares traded hands during trading, a decline of 60% from the average daily volume of 594,054 shares. The stock had previously closed at $172.23.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ONTO. Benchmark reiterated a "buy" rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, November 1st. Oppenheimer reaffirmed an "outperform" rating and issued a $275.00 price target on shares of Onto Innovation in a research note on Tuesday. Jefferies Financial Group lowered their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a "buy" rating for the company in a research report on Friday, November 1st. Finally, Needham & Company LLC cut their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Onto Innovation presently has an average rating of "Moderate Buy" and a consensus target price of $254.29.

Onto Innovation Stock Down 1.2 %

The company's fifty day moving average is $180.86 and its 200 day moving average is $197.53. The firm has a market cap of $8.40 billion, a price-to-earnings ratio of 46.12, a PEG ratio of 1.07 and a beta of 1.30.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The company's quarterly revenue was up 21.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.96 EPS. On average, equities research analysts forecast that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Onto Innovation

Several hedge funds have recently bought and sold shares of the company. Public Employees Retirement Association of Colorado lifted its position in shares of Onto Innovation by 45.7% in 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 buying an additional 33,025 shares during the last quarter. Cerity Partners LLC raised its stake in Onto Innovation by 287.0% in the 3rd quarter. Cerity Partners LLC now owns 4,663 shares of the semiconductor company's stock valued at $968,000 after acquiring an additional 3,458 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Onto Innovation during the 3rd quarter valued at $14,539,000. XTX Topco Ltd bought a new position in Onto Innovation during the second quarter worth $2,336,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Onto Innovation by 675.0% in the second 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. 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.