Onto Innovation Inc. (NYSE:ONTO) Receives $254.29 Consensus Target Price from Brokerages

Onto Innovation Inc. (NYSE:ONTO) has received an average recommendation of “Buy” from the seven brokerages that are currently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have covered the stock in the last year is $254.29.

Several research firms recently commented on ONTO. Benchmark reaffirmed a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, November 1st. Jefferies Financial Group lowered their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Oppenheimer reiterated an “outperform” rating and issued a $275.00 price target on shares of Onto Innovation in a research note on Tuesday, December 17th. Finally, Needham & Company LLC lowered their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, November 1st.

Institutional Trading of Onto Innovation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its position in shares of Onto Innovation by 304.9% during the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after acquiring an additional 337,250 shares during the period. Congress Asset Management Co. grew its holdings in Onto Innovation by 38.1% during the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after purchasing an additional 295,869 shares during the period. Citigroup Inc. grew its holdings in Onto Innovation by 811.7% during the third quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company’s stock valued at $66,236,000 after purchasing an additional 284,115 shares during the period. JPMorgan Chase & Co. increased its position in Onto Innovation by 12.9% in the third quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after buying an additional 228,800 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Onto Innovation by 1,296.7% in the third quarter. Barclays PLC now owns 217,190 shares of the semiconductor company’s stock worth $45,079,000 after buying an additional 201,640 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

NYSE:ONTO opened at $191.88 on Friday. The firm has a market cap of $9.48 billion, a P/E ratio of 52.00, a P/E/G ratio of 1.07 and a beta of 1.29. Onto Innovation has a fifty-two week low of $136.32 and a fifty-two week high of $238.93. The firm has a 50-day simple moving average of $170.88 and a two-hundred day simple moving average of $192.81.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. The company had revenue of $252.20 million during the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.96 earnings per share. On average, equities research analysts predict that Onto Innovation will post 5.22 EPS for the current 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.