Onto Innovation’s (ONTO) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Onto Innovation (NYSE:ONTO) in a research note released on Friday,Benzinga reports. They currently have a $230.00 price target on the semiconductor company’s stock.

Other equities research analysts have also issued research reports about the stock. Benchmark reaffirmed a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research note on Friday, November 1st. Cantor Fitzgerald started coverage on Onto Innovation in a research report on Monday, January 13th. They set an “overweight” rating and a $250.00 price objective on the stock. Oppenheimer reissued an “outperform” rating and issued a $275.00 target price on shares of Onto Innovation in a research report on Tuesday, December 17th. Finally, Jefferies Financial Group lowered their target price on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, November 1st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Onto Innovation has a consensus rating of “Moderate Buy” and a consensus target price of $251.25.

Onto Innovation Stock Performance

NYSE ONTO opened at $187.81 on Friday. Onto Innovation has a fifty-two week low of $145.15 and a fifty-two week high of $238.93. The stock has a market cap of $9.28 billion, a P/E ratio of 46.26, a price-to-earnings-growth ratio of 1.09 and a beta of 1.31. The stock has a 50 day simple moving average of $185.54 and a two-hundred day simple moving average of $190.38.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. Onto Innovation had a return on equity of 14.41% and a net margin of 20.43%. Sell-side analysts predict that Onto Innovation will post 6.46 earnings per share for the current year.

Insider Transactions at Onto Innovation

In related news, CEO Michael P. Plisinski sold 20,000 shares of the company’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $200.19, for a total value of $4,003,800.00. Following the transaction, the chief executive officer now owns 215,492 shares in the company, valued at $43,139,343.48. The trade was a 8.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Srinivas Vedula sold 827 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total transaction of $169,535.00. Following the sale, the senior vice president now owns 15,223 shares of the company’s stock, valued at approximately $3,120,715. This represents a 5.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 85,827 shares of company stock valued at $18,182,185 in the last ninety days. 0.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONTO. Northwestern Mutual Wealth Management Co. increased its holdings 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 worth $27,000 after purchasing an additional 108 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Onto Innovation during the fourth quarter valued at $26,000. Mather Group LLC. increased its holdings in Onto Innovation by 209.4% in the 4th quarter. Mather Group LLC. now owns 164 shares of the semiconductor company’s stock worth $27,000 after buying an additional 111 shares in the last quarter. Versant Capital Management Inc increased its holdings in Onto Innovation by 532.4% in the 4th quarter. Versant Capital Management Inc now owns 234 shares of the semiconductor company’s stock worth $39,000 after buying an additional 197 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in Onto Innovation in the 4th quarter worth about $43,000. 98.35% of the stock is owned by 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.