Onto Innovation (NYSE:ONTO) Trading Up 5.1% - Time to Buy?

Onto Innovation Inc. (NYSE:ONTO - Get Free Report) traded up 5.1% on Thursday . The stock traded as high as $215.11 and last traded at $215.11. 192,480 shares traded hands during trading, a decline of 72% from the average session volume of 678,898 shares. The stock had previously closed at $204.67.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Oppenheimer restated an "outperform" rating and issued a $275.00 price target on shares of Onto Innovation in a research report on Tuesday, December 17th. Jefferies Financial Group lowered their target price on shares of Onto Innovation from $265.00 to $245.00 and set a "buy" rating for the company in a report on Friday, November 1st. Benchmark reiterated a "buy" rating and set a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st. Needham & Company LLC decreased their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating for the company in a research note on Friday, November 1st. Finally, Cantor Fitzgerald started coverage on Onto Innovation in a report on Monday. They issued an "overweight" rating and a $250.00 price target on the stock. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Onto Innovation presently has a consensus rating of "Moderate Buy" and an average price target of $253.75.

Onto Innovation Trading Up 5.4 %

The firm has a market capitalization of $10.65 billion, a P/E ratio of 58.48, a price-to-earnings-growth ratio of 0.98 and a beta of 1.29. The stock has a 50-day simple moving average of $171.96 and a two-hundred day simple moving average of $191.96.

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, topping the consensus estimate of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The company had revenue of $252.20 million for the quarter, compared to analysts' expectations of $250.85 million. During the same period in the prior year, the business earned $0.96 EPS. The firm's quarterly revenue was up 21.7% on a year-over-year basis. As a group, research analysts expect that Onto Innovation Inc. will post 5.22 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP grew its stake in Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company's stock valued at $25,000 after purchasing an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company's stock worth $27,000 after buying an additional 108 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of Onto Innovation by 532.4% during the 4th quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company's stock worth $39,000 after acquiring an additional 197 shares in the last quarter. Eastern Bank purchased a new stake in Onto Innovation during the third quarter valued at approximately $65,000. Finally, UMB Bank n.a. boosted its stake in Onto Innovation by 62.0% in the third quarter. UMB Bank n.a. now owns 324 shares of the semiconductor company's stock valued at $67,000 after acquiring an additional 124 shares in the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

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.

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