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

Onto Innovation Inc. (NYSE:ONTO)’s share price traded up 5.6% during mid-day 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. 178,321 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 551,757 shares. The stock had previously closed at $200.57.

Several other research firms have also issued reports on ONTO. B. Riley lifted their price target on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Stifel Nicolaus raised their target price on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research note on Monday, August 19th. Finally, Benchmark reaffirmed a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $261.67.

Insider Buying and Selling at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the business’s 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 completion of the transaction, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On Onto Innovation

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP increased its holdings in Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Onto Innovation by 675.0% in the 2nd 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 during the period. Fidelis Capital Partners LLC acquired a new stake in shares of Onto Innovation in the 1st quarter valued at $28,000. Rise Advisors LLC acquired a new position in Onto Innovation in the first quarter valued at approximately $38,000. Finally, GAMMA Investing LLC lifted its position in Onto Innovation by 41.1% in the first quarter. GAMMA Investing LLC now owns 292 shares of the semiconductor company’s stock valued at $53,000 after acquiring an additional 85 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

Onto Innovation Trading Down 1.4 %

The business has a 50 day moving average of $196.19 and a 200-day moving average of $203.24. The stock has a market cap of $10.19 billion, a PE ratio of 73.58 and a beta of 1.37.

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

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.