Needham & Company LLC Has Lowered Expectations for Onto Innovation (NYSE:ONTO) Stock Price

Onto Innovation (NYSE:ONTO) had its target price reduced by Needham & Company LLC from $245.00 to $230.00 in a report issued on Friday morning, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other research firms have also recently issued reports on ONTO. Oppenheimer lifted their price target on Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Stifel Nicolaus lifted their price target on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a report on Monday, July 15th. Finally, Benchmark reissued a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a 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 company currently has an average rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation Stock Performance

Shares of NYSE:ONTO opened at $172.95 on Friday. Onto Innovation has a 52 week low of $117.44 and a 52 week high of $238.93. The company’s fifty day moving average is $201.79 and its 200-day moving average is $206.82. The company has a market capitalization of $8.54 billion, a PE ratio of 46.87, a P/E/G ratio of 1.13 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The company had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. During the same quarter in the previous year, the company earned $0.96 EPS. The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. On average, analysts forecast that Onto Innovation will post 5.19 EPS for the current year.

Insider Activity at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.72% of the stock is owned by insiders.

Hedge Funds Weigh In On Onto Innovation

Several institutional investors and hedge funds have recently modified their holdings of ONTO. Millennium Management LLC grew its position in shares of Onto Innovation by 304.9% in the 2nd quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after purchasing an additional 337,250 shares during the period. Congress Asset Management Co. boosted its position in Onto Innovation by 38.1% during the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock worth $222,670,000 after acquiring an additional 295,869 shares during the last quarter. Natixis Advisors LLC boosted its position in Onto Innovation by 379.8% during the 2nd quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock worth $53,824,000 after acquiring an additional 194,056 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Onto Innovation by 28.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock worth $188,115,000 after acquiring an additional 189,769 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Onto Innovation during the 3rd quarter worth approximately $30,418,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

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.