Onto Innovation (NYSE:ONTO) Shares Gap Up to $203.51

Onto Innovation Inc. (NYSE:ONTO) shares gapped up before the market opened on Thursday . The stock had previously closed at $203.51, but opened at $222.57. Onto Innovation shares last traded at $221.98, with a volume of 108,296 shares.

Analysts Set New Price Targets

ONTO has been the subject of several recent research reports. Stifel Nicolaus raised their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Benchmark reiterated a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a report on Friday, August 9th. B. Riley boosted their target price on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Oppenheimer began coverage on Onto Innovation in a research report on Wednesday. They issued an “outperform” rating and a $260.00 price target on the stock. Finally, Needham & Company LLC upgraded Onto Innovation from a “hold” rating to a “buy” rating in a research note on Monday, August 19th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $259.17.

Onto Innovation Price Performance

The company has a market capitalization of $10.61 billion, a price-to-earnings ratio of 76.64 and a beta of 1.37. The stock has a 50 day simple moving average of $195.49 and a two-hundred day simple moving average of $202.20.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.12. The business had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The business’s quarterly revenue was up 27.1% on a year-over-year basis. During the same quarter last year, the company earned $0.79 EPS. Equities research analysts predict that Onto Innovation Inc. will post 5.18 EPS for the current year.

Insider Transactions at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the transaction, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.72% of the company’s stock.

Institutional Trading of Onto Innovation

Several institutional investors and hedge funds have recently made changes to their positions in ONTO. Vaughan Nelson Investment Management L.P. raised its position in Onto Innovation by 24.6% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock valued at $44,444,000 after purchasing an additional 39,955 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Onto Innovation by 98.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock valued at $1,218,000 after buying an additional 2,753 shares during the last quarter. Nordea Investment Management AB boosted its stake in shares of Onto Innovation by 17.8% during the first quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock worth $18,586,000 after buying an additional 15,451 shares during the period. Public Employees Retirement Association of Colorado boosted its stake in shares of Onto Innovation by 45.7% during the second quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock worth $23,112,000 after buying an additional 33,025 shares during the period. Finally, Eagle Asset Management Inc. grew its holdings in shares of Onto Innovation by 36.8% during the fourth 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 during the last quarter. 98.35% of the stock is owned by hedge funds and other 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.