Onto Innovation (NYSE:ONTO) Trading Up 6.1%

Onto Innovation Inc. (NYSE:ONTO) shares rose 6.1% during mid-day trading on Thursday . The company traded as high as $200.28 and last traded at $199.20. Approximately 16,024 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 532,713 shares. The stock had previously closed at $187.77.

Analyst Upgrades and Downgrades

ONTO has been the subject of several recent research reports. Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Benchmark reissued a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, August 9th. Stifel Nicolaus raised their target price on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Finally, B. Riley lifted their target price on Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $259.00.

Onto Innovation Stock Performance

The firm’s fifty day moving average is $196.52 and its two-hundred day moving average is $201.74. The company has a market cap of $9.85 billion, a P/E ratio of 71.14 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last released its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $242.33 million during the quarter, compared to analysts’ expectations of $235.43 million. During the same quarter last year, the business posted $0.79 earnings per share. The firm’s revenue was up 27.1% on a year-over-year basis. On average, equities research analysts expect that Onto Innovation Inc. will post 5.18 EPS for the current year.

Insider Transactions at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the transaction, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at $3,326,202. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Onto Innovation by 24.6% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock worth $44,444,000 after acquiring an additional 39,955 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in Onto Innovation by 98.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock valued at $1,218,000 after purchasing an additional 2,753 shares in the last quarter. Nordea Investment Management AB lifted its position in Onto Innovation by 17.8% during the first quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock valued at $18,586,000 after purchasing an additional 15,451 shares during the last quarter. Eagle Asset Management Inc. grew its stake in shares of Onto Innovation by 36.8% in the 4th quarter. Eagle Asset Management Inc. now owns 295,824 shares of the semiconductor company’s stock worth $45,231,000 after buying an additional 79,530 shares in the last quarter. Finally, Norden Group LLC bought a new stake in shares of Onto Innovation in the 1st quarter worth about $654,000. 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.