Onto Innovation (NYSE:ONTO) Sets New 12-Month High at $238.15

Onto Innovation Inc. (NYSE:ONTO)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $238.15 and last traded at $235.80, with a volume of 117779 shares traded. The stock had previously closed at $232.42.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ONTO shares. Stifel Nicolaus upped their price target on Onto Innovation from $188.00 to $215.00 and gave the stock a “buy” rating in a research note on Monday, March 25th. Benchmark upped their price target on Onto Innovation from $180.00 to $230.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Needham & Company LLC restated a “hold” rating on shares of Onto Innovation in a research note on Friday, May 10th. Jefferies Financial Group started coverage on Onto Innovation in a research note on Monday, May 13th. They set a “buy” rating and a $265.00 price target on the stock. Finally, B. Riley upped their price target on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $248.00.

Onto Innovation Price Performance

The firm has a market capitalization of $11.66 billion, a price-to-earnings ratio of 84.22 and a beta of 1.39. The firm has a 50 day moving average price of $221.72 and a 200-day moving average price of $189.19.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.08. The business had revenue of $228.80 million for the quarter, compared to analysts’ expectations of $222.60 million. Onto Innovation had a return on equity of 11.48% and a net margin of 16.43%. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period last year, the firm earned $0.92 earnings per share. Equities research analysts predict that Onto Innovation Inc. will post 5.05 earnings per share for the current year.

Insider Activity at Onto Innovation

In related news, CFO Mark Slicer sold 519 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $221.21, for a total value of $114,807.99. Following the transaction, the chief financial officer now owns 12,552 shares of the company’s stock, valued at $2,776,627.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Srinivas Vedula sold 1,486 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $213.40, for a total value of $317,112.40. Following the transaction, the senior vice president now owns 17,433 shares of the company’s stock, valued at $3,720,202.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Slicer sold 519 shares of the stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $221.21, for a total value of $114,807.99. Following the completion of the transaction, the chief financial officer now directly owns 12,552 shares in the company, valued at approximately $2,776,627.92. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Onto Innovation

Several hedge funds have recently made changes to their positions in ONTO. International Assets Investment Management LLC grew its holdings in shares of Onto Innovation by 14,819.4% during the fourth quarter. International Assets Investment Management LLC now owns 615,575 shares of the semiconductor company’s stock worth $94,121,000 after purchasing an additional 611,449 shares during the last quarter. Norges Bank purchased a new position in shares of Onto Innovation during the fourth quarter worth about $89,785,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Onto Innovation by 64.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 946,879 shares of the semiconductor company’s stock worth $144,779,000 after purchasing an additional 371,641 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Onto Innovation by 854.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 296,049 shares of the semiconductor company’s stock worth $45,266,000 after purchasing an additional 265,042 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in shares of Onto Innovation during the first quarter worth about $29,420,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

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.