Onto Innovation (NYSE:ONTO) Stock Price Up 5.6% After Analyst Upgrade

Shares of Onto Innovation Inc. (NYSE:ONTO) were up 5.6% during trading on Wednesday after Oppenheimer raised their price target on the stock from $260.00 to $275.00. Oppenheimer currently has an outperform rating on the stock. Onto Innovation traded as high as $211.77 and last traded at $211.73. Approximately 178,321 shares traded hands during trading, a decline of 68% from the average daily volume of 551,757 shares. The stock had previously closed at $200.57.

ONTO has been the subject of a number of other research reports. Benchmark reaffirmed a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, August 9th. Needham & Company LLC upgraded Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. Stifel Nicolaus upped their price target 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, B. Riley raised their target price on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $261.67.

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the completion of the sale, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at $3,326,202. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

Large investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new stake in shares of Onto Innovation in the second quarter worth approximately $250,000. Cetera Investment Advisers lifted its position in Onto Innovation by 118.2% during the second quarter. Cetera Investment Advisers now owns 9,151 shares of the semiconductor company’s stock valued at $2,009,000 after buying an additional 4,958 shares in the last quarter. Quarry LP lifted its position in Onto Innovation by 232.4% during the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 108 shares in the last quarter. Finally, Creative Planning lifted its position in Onto Innovation by 32.4% during the second quarter. Creative Planning now owns 27,726 shares of the semiconductor company’s stock valued at $6,088,000 after buying an additional 6,779 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Up 5.2 %

The company has a market cap of $10.40 billion, a PE ratio of 71.30 and a beta of 1.37. The business’s 50 day moving average price is $195.60 and its 200-day moving average price is $203.17.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.20 by $0.12. The company had revenue of $242.33 million during the quarter, compared to analyst estimates of $235.43 million. Onto Innovation had a return on equity of 12.71% and a net margin of 18.50%. The business’s revenue was up 27.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.79 EPS. Equities analysts expect that Onto Innovation Inc. will post 5.18 earnings per share for the current 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.