Onto Innovation’s (ONTO) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Onto Innovation (NYSE:ONTO) in a research report report published on Friday morning,Benzinga reports. They currently have a $230.00 price target on the semiconductor company’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of Onto Innovation in a report on Monday, January 13th. They set an “overweight” rating and a $250.00 price target for the company. Benchmark reiterated a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, November 1st. Jefferies Financial Group lowered their price target on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock 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. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Onto Innovation presently has an average rating of “Moderate Buy” and a consensus target price of $251.25.

Onto Innovation Trading Down 10.8 %

ONTO opened at $187.81 on Friday. The stock has a market cap of $9.28 billion, a price-to-earnings ratio of 46.26, a PEG ratio of 1.09 and a beta of 1.31. The stock has a fifty day moving average price of $186.01 and a 200 day moving average price of $190.08. Onto Innovation has a 1 year low of $145.15 and a 1 year high of $238.93.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.41%. As a group, sell-side analysts forecast that Onto Innovation will post 6.46 earnings per share for the current fiscal year.

Insider Transactions at Onto Innovation

In related news, CEO Michael P. Plisinski sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 215,492 shares in the company, valued at $43,139,343.48. This represents a 8.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Srinivas Vedula sold 827 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total transaction of $169,535.00. Following the completion of the sale, the senior vice president now owns 15,223 shares of the company’s stock, valued at $3,120,715. The trade was a 5.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 85,827 shares of company stock valued at $18,182,185 in the last three months. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Onto Innovation

Several large investors have recently bought and sold shares of ONTO. HighTower Advisors LLC boosted its holdings in shares of Onto Innovation by 4.0% in the fourth quarter. HighTower Advisors LLC now owns 10,587 shares of the semiconductor company’s stock valued at $1,765,000 after buying an additional 403 shares during the period. Wealthfront Advisers LLC acquired a new position in Onto Innovation in the 4th quarter valued at about $20,182,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Onto Innovation by 18.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,782 shares of the semiconductor company’s stock worth $2,630,000 after purchasing an additional 2,466 shares during the last quarter. AlphaQuest LLC grew its position in shares of Onto Innovation by 28.1% during the 4th quarter. AlphaQuest LLC now owns 2,963 shares of the semiconductor company’s stock worth $494,000 after purchasing an additional 650 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Onto Innovation by 42.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,342 shares of the semiconductor company’s stock worth $1,057,000 after acquiring an additional 1,878 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.