Benchmark Reaffirms Buy Rating for Onto Innovation (NYSE:ONTO)

Onto Innovation (NYSE:ONTO)‘s stock had its “buy” rating restated by investment analysts at Benchmark in a research note issued to investors on Friday, Benzinga reports. They currently have a $230.00 price target on the semiconductor company’s stock. Benchmark’s price objective suggests a potential upside of 27.96% from the company’s previous close.

A number of other equities analysts have also recently weighed in on the stock. Needham & Company LLC lowered their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday. Stifel Nicolaus upped their price target on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Finally, Oppenheimer increased their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $257.14.

Onto Innovation Stock Performance

ONTO traded down $18.59 during trading on Friday, hitting $179.74. The stock had a trading volume of 577,276 shares, compared to its average volume of 562,243. The firm has a market capitalization of $8.88 billion, a P/E ratio of 54.55, a PEG ratio of 1.33 and a beta of 1.36. The company’s 50-day moving average price is $203.24 and its 200 day moving average price is $206.62. Onto Innovation has a twelve month low of $115.07 and a twelve month high of $238.93.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The business had revenue of $252.20 million for the quarter, compared to analysts’ expectations of $250.85 million. During the same period in the prior year, the company posted $0.96 EPS. The business’s revenue for the quarter was up 21.7% on a year-over-year basis. As a group, equities analysts expect that Onto Innovation will post 5.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.72% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. QRG Capital Management Inc. lifted its holdings in Onto Innovation by 2.7% in the 2nd quarter. QRG Capital Management Inc. now owns 1,935 shares of the semiconductor company’s stock valued at $425,000 after purchasing an additional 50 shares in the last quarter. Magnetar Financial LLC lifted its holdings in shares of Onto Innovation by 4.0% during the 2nd quarter. Magnetar Financial LLC now owns 1,622 shares of the semiconductor company’s stock worth $356,000 after acquiring an additional 63 shares during the period. Shaker Investments LLC OH lifted its holdings in shares of Onto Innovation by 1.7% during the 2nd quarter. Shaker Investments LLC OH now owns 3,928 shares of the semiconductor company’s stock worth $862,000 after acquiring an additional 64 shares during the period. Quarry LP lifted its holdings in shares of Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 79 shares during the period. Finally, Hunter Perkins Capital Management LLC lifted its holdings in shares of Onto Innovation by 3.6% during the 3rd quarter. Hunter Perkins Capital Management LLC now owns 2,325 shares of the semiconductor company’s stock worth $483,000 after acquiring an additional 80 shares during the period. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

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.