Oppenheimer Boosts Onto Innovation (NYSE:ONTO) Price Target to $275.00

Onto Innovation (NYSE:ONTO) had its price objective raised by analysts at Oppenheimer from $260.00 to $275.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the semiconductor company’s stock. Oppenheimer’s target price would indicate a potential upside of 35.80% from the company’s current price.

Several other research analysts have also recently commented on the company. Needham & Company LLC raised Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Benchmark reissued a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, August 9th. B. Riley upped their price target on shares of Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Finally, Stifel Nicolaus increased their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, July 15th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Onto Innovation presently has a consensus rating of “Moderate Buy” and an average price target of $261.67.

Onto Innovation Trading Down 2.4 %

Shares of NYSE ONTO traded down $5.05 during midday trading on Tuesday, reaching $202.51. The company’s stock had a trading volume of 78,633 shares, compared to its average volume of 550,702. The stock has a 50 day simple moving average of $195.83 and a 200-day simple moving average of $202.99. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of 71.44 and a beta of 1.37. Onto Innovation has a fifty-two week low of $108.98 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. During the same period in the previous year, the business earned $0.79 EPS. The company’s revenue was up 27.1% compared to the same quarter last year. As a group, equities analysts anticipate that Onto Innovation will post 5.18 EPS for the current year.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the firm’s 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 sale, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its stake in shares of Onto Innovation by 64.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 946,879 shares of the semiconductor company’s stock valued at $144,779,000 after acquiring an additional 371,641 shares in the last quarter. Millennium Management LLC grew its position in shares of Onto Innovation by 304.9% during the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock worth $98,329,000 after purchasing an additional 337,250 shares in the last quarter. Natixis Advisors LLC increased its holdings in shares of Onto Innovation by 379.8% during the second quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock worth $53,824,000 after purchasing an additional 194,056 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Onto Innovation by 28.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after buying an additional 189,769 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Onto Innovation by 58.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 470,059 shares of the semiconductor company’s stock valued at $85,118,000 after buying an additional 174,010 shares during the period. 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.