Analysts Set Onto Innovation Inc. (NYSE:ONTO) PT at $254.29

Shares of Onto Innovation Inc. (NYSE:ONTO) have been assigned a consensus recommendation of “Buy” from the seven brokerages that are currently covering the company, Marketbeat reports. Seven equities research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $254.29.

Several equities analysts recently commented on ONTO shares. Needham & Company LLC dropped their price objective on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday, November 1st. Jefferies Financial Group decreased their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $275.00 price objective on shares of Onto Innovation in a report on Tuesday, December 17th.

Institutional Trading of Onto Innovation

A number of institutional investors have recently added to or reduced their stakes in ONTO. Millennium Management LLC increased its position in shares of Onto Innovation by 304.9% during the second quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after buying an additional 337,250 shares during the period. Congress Asset Management Co. grew its stake in Onto Innovation by 38.1% during the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after acquiring an additional 295,869 shares in the last quarter. Citigroup Inc. increased its holdings in Onto Innovation by 811.7% during the 3rd quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company’s stock worth $66,236,000 after acquiring an additional 284,115 shares during the period. JPMorgan Chase & Co. increased its holdings in Onto Innovation by 12.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after acquiring an additional 228,800 shares during the period. Finally, Barclays PLC lifted its stake in Onto Innovation by 1,296.7% in the 3rd quarter. Barclays PLC now owns 217,190 shares of the semiconductor company’s stock worth $45,079,000 after purchasing an additional 201,640 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Price Performance

NYSE ONTO opened at $192.44 on Friday. The stock has a market capitalization of $9.50 billion, a price-to-earnings ratio of 52.15, a PEG ratio of 1.07 and a beta of 1.29. The business’s fifty day moving average is $171.80 and its 200-day moving average is $193.18. Onto Innovation has a one year low of $136.32 and a one year high of $238.93.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. During the same quarter in the previous year, the firm posted $0.96 earnings per share. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. Research analysts expect that Onto Innovation will post 5.22 EPS for the current fiscal year.

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.