Onto Innovation (NYSE:ONTO) Raised to Buy at Needham & Company LLC

Needham & Company LLC upgraded shares of Onto Innovation (NYSE:ONTO) from a hold rating to a buy rating in a research report sent to investors on Monday morning, MarketBeat.com reports.

ONTO has been the subject of several other research reports. Stifel Nicolaus upped their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the company a buy rating in a research report on Monday, July 15th. 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. Jefferies Financial Group started coverage on Onto Innovation in a research report on Monday, May 13th. They set a buy rating and a $265.00 target price for the company. Evercore ISI increased their price target on shares of Onto Innovation from $235.00 to $250.00 and gave the company an outperform rating in a research report on Friday, May 10th. Finally, B. Riley boosted their price objective on shares of Onto Innovation from $250.00 to $280.00 and gave the company a buy rating in a report on Thursday, June 20th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $259.00.

Onto Innovation Price Performance

Shares of Onto Innovation stock opened at $215.72 on Monday. The firm has a market cap of $10.63 billion, a P/E ratio of 76.77 and a beta of 1.39. The firm has a 50 day simple moving average of $208.34 and a 200 day simple moving average of $198.58. 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 posted 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. The business had revenue of $242.33 million for the quarter, compared to analysts’ expectations of $235.43 million. Onto Innovation had a return on equity of 11.48% and a net margin of 16.43%. The firm’s quarterly revenue was up 27.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.79 earnings per share. On average, sell-side analysts expect that Onto Innovation will post 5.05 EPS for the current year.

Insider Activity at Onto Innovation

In other Onto Innovation news, CFO Mark Slicer sold 519 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $221.21, for a total transaction of $114,807.99. Following the sale, the chief financial officer now directly owns 12,552 shares in the company, valued at approximately $2,776,627.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Srinivas Vedula sold 1,486 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $213.40, for a total value of $317,112.40. Following the sale, the senior vice president now directly owns 17,433 shares in the company, valued at $3,720,202.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Slicer sold 519 shares of the stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $221.21, for a total value of $114,807.99. Following the transaction, the chief financial officer now owns 12,552 shares of the company’s stock, valued at $2,776,627.92. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

Institutional Investors Weigh In On Onto Innovation

Institutional investors have recently bought and sold shares of the company. Quarry LP raised its holdings in shares of Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 79 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in Onto Innovation in the 1st quarter valued at $28,000. GAMMA Investing LLC acquired a new stake in Onto Innovation in the 4th quarter valued at $33,000. Finally, Rise Advisors LLC bought a new stake in Onto Innovation during the 1st quarter worth about $38,000. Institutional investors own 98.35% of the company’s stock.

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.