Onto Innovation (NYSE:ONTO) Price Target Raised to $275.00

Onto Innovation (NYSE:ONTO) had its price target increased by analysts at Oppenheimer from $260.00 to $275.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the semiconductor company’s stock. Oppenheimer’s target price would indicate a potential upside of 38.89% from the stock’s current price.

Several other equities research analysts have also issued reports on the company. Needham & Company LLC dropped their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday. Benchmark reissued a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, August 9th. Finally, Stifel Nicolaus lifted their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a report on Monday, July 15th. One 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.14.

Onto Innovation Trading Down 0.2 %

Shares of NYSE ONTO opened at $198.00 on Friday. The stock has a fifty day moving average price of $203.24 and a 200 day moving average price of $206.62. Onto Innovation has a 12-month low of $115.07 and a 12-month high of $238.93. The company has a market cap of $9.78 billion, a P/E ratio of 59.10, a P/E/G ratio of 1.33 and a beta of 1.36.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The company had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. During the same quarter last year, the company earned $0.96 earnings per share. Onto Innovation’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, sell-side analysts forecast that Onto Innovation will post 5.18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Srinivas Vedula sold 1,275 shares of the 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 completion of the transaction, the senior vice president now owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.72% of the stock is currently owned by company insiders.

Institutional Trading of Onto Innovation

A number of hedge funds have recently made changes to their positions in the stock. Vaughan Nelson Investment Management L.P. grew its stake in Onto Innovation by 24.6% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock valued at $44,444,000 after purchasing an additional 39,955 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised 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 acquiring an additional 2,753 shares in the last quarter. Nordea Investment Management AB grew its position 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 worth $18,586,000 after acquiring an additional 15,451 shares in the last quarter. Public Employees Retirement Association of Colorado increased its stake 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 worth $23,112,000 after purchasing an additional 33,025 shares during the last quarter. Finally, Norden Group LLC bought a new position in shares of Onto Innovation during the 1st quarter valued at $654,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

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.