Oppenheimer Initiates Coverage on Onto Innovation (NYSE:ONTO)

Equities research analysts at Oppenheimer assumed coverage on shares of Onto Innovation (NYSE:ONTO) in a report released on Wednesday, Marketbeat.com reports. The firm set an “outperform” rating and a $260.00 price target on the semiconductor company’s stock. Oppenheimer’s target price would indicate a potential upside of 16.83% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on ONTO. Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research note on Monday, August 19th. Stifel Nicolaus boosted their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research note on Friday, August 9th. Finally, B. Riley boosted their price objective on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $259.17.

Onto Innovation Price Performance

Shares of NYSE:ONTO opened at $222.55 on Wednesday. Onto Innovation has a 1 year low of $108.98 and a 1 year high of $238.93. The stock has a market capitalization of $10.97 billion, a price-to-earnings ratio of 79.20 and a beta of 1.37. The company’s 50 day simple moving average is $195.10 and its 200 day simple moving average is $202.06.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.12. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The company had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. During the same quarter last year, the company posted $0.79 EPS. The company’s revenue for the quarter was up 27.1% compared to the same quarter last year. As a group, analysts anticipate that Onto Innovation will post 5.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction dated 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 sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at $3,326,202. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.72% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Quarry LP boosted its position in shares of Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Onto Innovation by 675.0% during 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 in the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of Onto Innovation during the 1st quarter worth approximately $28,000. Rise Advisors LLC bought a new stake in shares of Onto Innovation in the 1st quarter valued at $38,000. Finally, GAMMA Investing LLC lifted its position in shares of Onto Innovation by 41.1% during the 1st quarter. GAMMA Investing LLC now owns 292 shares of the semiconductor company’s stock valued at $53,000 after acquiring an additional 85 shares during the period. 98.35% of the stock is owned by 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.