Analysts Set Onto Innovation Inc. (NYSE:ONTO) Target Price at $261.67

Onto Innovation Inc. (NYSE:ONTO) has been given an average recommendation of “Buy” by the seven analysts that are presently covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a buy recommendation. The average 1-year price target among brokers that have covered the stock in the last year is $261.67.

ONTO has been the subject of a number of research analyst reports. Stifel Nicolaus upped their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Benchmark reissued a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, August 9th. Oppenheimer boosted their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Needham & Company LLC raised Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th.

Onto Innovation Stock Performance

NYSE:ONTO opened at $204.36 on Monday. Onto Innovation has a 52 week low of $108.98 and a 52 week high of $238.93. The firm’s 50-day simple moving average is $203.78 and its 200 day simple moving average is $206.10. The firm has a market cap of $10.09 billion, a price-to-earnings ratio of 61.00, a P/E/G ratio of 1.32 and a beta of 1.36.

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

Insider Activity

In other news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction that occurred 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Deepwater Asset Management LLC increased its stake in Onto Innovation by 3.4% in the 3rd quarter. Deepwater Asset Management LLC now owns 66,241 shares of the semiconductor company’s stock worth $13,749,000 after acquiring an additional 2,168 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in Onto Innovation by 503.9% in the third quarter. Nisa Investment Advisors LLC now owns 12,888 shares of the semiconductor company’s stock valued at $2,675,000 after purchasing an additional 10,754 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Onto Innovation by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 5,710 shares of the semiconductor company’s stock valued at $1,185,000 after acquiring an additional 385 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Onto Innovation by 67.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,733 shares of the semiconductor company’s stock worth $567,000 after buying an additional 1,105 shares during the period. Finally, NorthCrest Asset Manangement LLC lifted its stake in Onto Innovation by 1.2% in the third quarter. NorthCrest Asset Manangement LLC now owns 13,412 shares of the semiconductor company’s stock worth $2,784,000 after acquiring an additional 162 shares during the period. 98.35% of the stock is currently 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.