Cantor Fitzgerald Begins Coverage on Onto Innovation (NYSE:ONTO)

Stock analysts at Cantor Fitzgerald initiated coverage on shares of Onto Innovation (NYSE:ONTO) in a note issued to investors on Monday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $250.00 price target on the semiconductor company’s stock. Cantor Fitzgerald’s target price suggests a potential upside of 23.79% from the company’s previous close.

A number of other equities analysts have also commented on the stock. Needham & Company LLC lowered their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. Jefferies Financial Group dropped their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, Oppenheimer reissued an “outperform” rating and set a $275.00 price target on shares of Onto Innovation in a research report on Tuesday, December 17th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $253.75.

Onto Innovation Stock Up 5.8 %

Shares of ONTO stock opened at $201.95 on Monday. Onto Innovation has a 12-month low of $141.79 and a 12-month high of $238.93. The company has a market capitalization of $9.97 billion, a PE ratio of 54.73, a price-to-earnings-growth ratio of 1.07 and a beta of 1.29. The firm has a 50 day moving average price of $171.96 and a two-hundred day moving average price of $191.96.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results 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. The business had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.96 EPS. As a group, research analysts expect that Onto Innovation will post 5.22 EPS for the current year.

Institutional Investors Weigh In On Onto Innovation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC bought a new stake in shares of Onto Innovation during the 2nd quarter worth $397,000. Oppenheimer Asset Management Inc. bought a new position in Onto Innovation in the second quarter valued at about $5,432,000. Envestnet Asset Management Inc. raised its stake in Onto Innovation by 15.6% during the second quarter. Envestnet Asset Management Inc. now owns 68,943 shares of the semiconductor company’s stock worth $15,137,000 after acquiring an additional 9,319 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Onto Innovation by 28.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock worth $188,115,000 after acquiring an additional 189,769 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Onto Innovation in the 2nd quarter valued at approximately $5,878,000. 98.35% of the stock is currently owned by 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.