Onto Innovation Inc. (NYSE:ONTO) Receives Consensus Rating of “Buy” from Analysts

Onto Innovation Inc. (NYSE:ONTO) has received a consensus rating of “Buy” from the eight ratings firms that are presently covering the firm, MarketBeat.com reports. Eight research analysts have rated the stock with a buy rating. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $253.75.

A number of equities analysts have commented on the stock. Oppenheimer reiterated an “outperform” rating and issued a $275.00 target price on shares of Onto Innovation in a report on Tuesday, December 17th. Jefferies Financial Group decreased their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Benchmark reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, November 1st. Needham & Company LLC decreased their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Cantor Fitzgerald began coverage on Onto Innovation in a research note on Monday, January 13th. They set an “overweight” rating and a $250.00 price target on the stock.

Insider Buying and Selling

In related news, CEO Michael P. Plisinski sold 20,000 shares of the firm’s stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $200.19, for a total transaction of $4,003,800.00. Following the completion of the transaction, the chief executive officer now owns 215,492 shares of the company’s stock, valued at $43,139,343.48. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Srinivas Vedula sold 827 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total transaction of $169,535.00. Following the transaction, the senior vice president now owns 15,223 shares of the company’s stock, valued at $3,120,715. This represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 85,827 shares of company stock worth $18,182,185. 0.72% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Stephens Inc. AR grew its stake in shares of Onto Innovation by 38.1% during the 4th quarter. Stephens Inc. AR now owns 1,921 shares of the semiconductor company’s stock worth $320,000 after purchasing an additional 530 shares during the period. Empowered Funds LLC acquired a new stake in Onto Innovation during the fourth quarter valued at $355,000. Lecap Asset Management Ltd. grew its position in Onto Innovation by 45.8% during the fourth quarter. Lecap Asset Management Ltd. now owns 14,301 shares of the semiconductor company’s stock valued at $2,384,000 after buying an additional 4,492 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Onto Innovation by 12.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,595 shares of the semiconductor company’s stock worth $433,000 after acquiring an additional 290 shares during the period. Finally, Greenwood Capital Associates LLC purchased a new stake in shares of Onto Innovation during the 4th quarter worth about $266,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

NYSE:ONTO opened at $183.54 on Wednesday. The firm has a 50-day simple moving average of $179.56 and a 200-day simple moving average of $190.93. Onto Innovation has a one year low of $145.15 and a one year high of $238.93. The firm has a market cap of $9.07 billion, a P/E ratio of 49.74, a P/E/G ratio of 1.16 and a beta of 1.29.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. The business had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.96 EPS. On average, research analysts predict 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.