Analysts Set Onto Innovation Inc. (NYSE:ONTO) Price Target at $254.29

Onto Innovation Inc. (NYSE:ONTO) has earned a consensus recommendation of “Buy” from the seven brokerages that are covering the company, MarketBeat Ratings reports. Seven analysts have rated the stock with a buy recommendation. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $254.29.

A number of analysts have commented on ONTO shares. Oppenheimer upped their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Needham & Company LLC reduced their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Jefferies Financial Group lowered their price objective 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. Finally, Benchmark reissued a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research note on Friday, November 1st.

Onto Innovation Stock Performance

Shares of NYSE:ONTO opened at $167.09 on Tuesday. The company has a market capitalization of $8.25 billion, a PE ratio of 45.28, a price-to-earnings-growth ratio of 1.07 and a beta of 1.30. The stock has a fifty day moving average of $183.14 and a 200-day moving average of $198.60. Onto Innovation has a one year low of $134.11 and a one year high of $238.93.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. During the same period in the prior year, the business posted $0.96 earnings per share. Onto Innovation’s revenue was up 21.7% compared to the same quarter last year. As a group, research analysts forecast that Onto Innovation will post 5.22 EPS for the current fiscal year.

Institutional Trading of Onto Innovation

Several hedge funds and other institutional investors have recently modified their holdings of the company. Oddo BHF Asset Management Sas acquired a new position in Onto Innovation in the third quarter worth approximately $1,429,000. Franklin Resources Inc. grew its position in Onto Innovation by 4.5% in the third quarter. Franklin Resources Inc. now owns 1,281,801 shares of the semiconductor company’s stock worth $288,320,000 after acquiring an additional 54,868 shares in the last quarter. Sanctuary Advisors LLC increased its stake in shares of Onto Innovation by 108.3% during the 3rd quarter. Sanctuary Advisors LLC now owns 2,370 shares of the semiconductor company’s stock worth $492,000 after purchasing an additional 1,232 shares during the last quarter. Morse Asset Management Inc increased its stake in shares of Onto Innovation by 6.4% during the 3rd quarter. Morse Asset Management Inc now owns 16,749 shares of the semiconductor company’s stock worth $3,476,000 after purchasing an additional 1,010 shares during the last quarter. Finally, Coldstream Capital Management Inc. lifted its stake in shares of Onto Innovation by 26.8% in the 3rd quarter. Coldstream Capital Management Inc. now owns 2,052 shares of the semiconductor company’s stock valued at $411,000 after purchasing an additional 434 shares during 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.