Oppenheimer Begins Coverage on Onto Innovation (NYSE:ONTO)

Oppenheimer initiated coverage on shares of Onto Innovation (NYSE:ONTO) in a report published on Wednesday, Marketbeat reports. The firm issued an outperform rating and a $260.00 price target on the semiconductor company’s stock.

A number of other brokerages have also issued reports on ONTO. Benchmark restated a buy rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, August 9th. Needham & Company LLC upgraded shares of Onto Innovation from a hold rating to a buy rating in a research report on Monday, August 19th. B. Riley raised their target price 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 raised their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a buy rating in a research report on Monday, July 15th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $259.17.

Onto Innovation Stock Down 3.3 %

Shares of Onto Innovation stock opened at $215.37 on Wednesday. The firm has a market capitalization of $10.61 billion, a P/E ratio of 76.64 and a beta of 1.37. Onto Innovation has a 52 week low of $108.98 and a 52 week high of $238.93. The firm’s 50 day moving average is $195.49 and its two-hundred day moving average is $202.20.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results 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 analyst estimates of $235.43 million. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The firm’s revenue was up 27.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.79 earnings per share. As a group, research analysts expect that Onto Innovation will post 5.18 earnings per share for the current fiscal year.

Insider Activity at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the firm’s 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 owns 16,050 shares of the company’s stock, valued at $3,326,202. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.72% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Onto Innovation

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vaughan Nelson Investment Management L.P. lifted its holdings in Onto Innovation by 24.6% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock valued at $44,444,000 after acquiring an additional 39,955 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of Onto Innovation by 98.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock worth $1,218,000 after buying an additional 2,753 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Onto Innovation by 17.8% during the 1st quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock worth $18,586,000 after buying an additional 15,451 shares during the last quarter. Public Employees Retirement Association of Colorado raised its stake in shares of Onto Innovation by 45.7% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock worth $23,112,000 after buying an additional 33,025 shares during the last quarter. Finally, Eagle Asset Management Inc. raised its stake in shares of Onto Innovation by 36.8% during the 4th quarter. Eagle Asset Management Inc. now owns 295,824 shares of the semiconductor company’s stock worth $45,231,000 after buying an additional 79,530 shares during the last quarter. Institutional investors and hedge funds 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.