Onto Innovation (NYSE:ONTO) Shares Up 5.3% – Here’s Why

Onto Innovation Inc. (NYSE:ONTO)’s share price was up 5.3% on Wednesday . The company traded as high as $182.11 and last traded at $181.42. Approximately 238,321 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 594,054 shares. The stock had previously closed at $172.23.

Wall Street Analysts Forecast Growth

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

Onto Innovation Stock Performance

The company has a market capitalization of $8.61 billion, a P/E ratio of 47.24, a PEG ratio of 1.07 and a beta of 1.30. The company’s fifty day simple moving average is $181.68 and its 200-day simple moving average is $197.73.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $252.20 million for 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 last year, the firm earned $0.96 earnings per share. On average, sell-side analysts predict that Onto Innovation Inc. will post 5.22 EPS for the current year.

Institutional Trading of Onto Innovation

A number of institutional investors have recently modified their holdings of ONTO. Oddo BHF Asset Management Sas purchased a new stake in Onto Innovation during the 3rd quarter worth approximately $1,429,000. Franklin Resources Inc. lifted its position in Onto Innovation by 4.5% during the third quarter. Franklin Resources Inc. now owns 1,281,801 shares of the semiconductor company’s stock worth $288,320,000 after buying an additional 54,868 shares in the last quarter. Sanctuary Advisors LLC increased its holdings 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 buying an additional 1,232 shares during the last quarter. Morse Asset Management Inc boosted its stake in Onto Innovation by 6.4% during the third quarter. Morse Asset Management Inc now owns 16,749 shares of the semiconductor company’s stock worth $3,476,000 after buying an additional 1,010 shares during the period. Finally, Coldstream Capital Management Inc. lifted its stake in Onto Innovation by 26.8% during the 3rd quarter. Coldstream Capital Management Inc. now owns 2,052 shares of the semiconductor company’s stock worth $411,000 after acquiring an additional 434 shares in the last quarter. 98.35% of the stock is currently 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.