Onto Innovation (NYSE:ONTO) Trading Up 6.1%

Shares of Onto Innovation Inc. (NYSE:ONTO) traded up 6.1% on Thursday . The company traded as high as $200.28 and last traded at $199.20. 16,024 shares changed hands during trading, a decline of 97% from the average session volume of 532,713 shares. The stock had previously closed at $187.77.

Analyst Upgrades and Downgrades

ONTO has been the subject of several research reports. B. Riley increased their target price on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Benchmark reissued a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, August 9th. Stifel Nicolaus boosted their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a report on Monday, July 15th. Finally, Needham & Company LLC upgraded shares of 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 six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $259.00.

Onto Innovation Price Performance

The business has a 50 day moving average price of $196.52 and a 200 day moving average price of $201.74. The stock has a market capitalization of $9.85 billion, a PE ratio of 71.14 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.20 by $0.12. The company had revenue of $242.33 million for the quarter, compared to the consensus estimate of $235.43 million. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. Onto Innovation’s revenue for the quarter was up 27.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.79 EPS. On average, equities analysts expect that Onto Innovation Inc. will post 5.18 earnings per share for the current year.

Insider Buying and Selling

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the sale, the senior vice president now directly 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 accessible through the SEC website. 0.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. QRG Capital Management Inc. lifted its position in Onto Innovation by 2.7% during the second quarter. QRG Capital Management Inc. now owns 1,935 shares of the semiconductor company’s stock valued at $425,000 after purchasing an additional 50 shares during the period. Magnetar Financial LLC raised its stake in Onto Innovation by 4.0% during the 2nd quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock valued at $356,000 after buying an additional 63 shares during the last quarter. Shaker Investments LLC OH lifted its holdings in shares of Onto Innovation by 1.7% during the 2nd quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company’s stock valued at $862,000 after buying an additional 64 shares during the period. Quarry LP lifted its holdings in shares of Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 79 shares during the period. Finally, Fifth Third Bancorp boosted its stake in shares of Onto Innovation by 40.2% in the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after buying an additional 84 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Company Profile

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.