Onto Innovation (NYSE:ONTO) Stock Price Up 5.3% – What’s Next?

Onto Innovation Inc. (NYSE:ONTO) shares were up 5.3% during mid-day trading on Wednesday . The stock traded as high as $182.11 and last traded at $181.42. Approximately 238,321 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 594,054 shares. The stock had previously closed at $172.23.

Analysts Set New Price Targets

Several research analysts have weighed in on ONTO shares. Jefferies Financial Group lowered their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday, November 1st. Oppenheimer reissued an “outperform” rating and issued a $275.00 price objective on shares of Onto Innovation in a report on Tuesday. Finally, Needham & Company LLC lowered their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Onto Innovation currently has a consensus rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation Stock Up 0.0 %

The stock has a market capitalization of $8.28 billion, a price-to-earnings ratio of 45.41, a P/E/G ratio of 1.07 and a beta of 1.30. The business’s 50 day simple moving average is $180.04 and its 200-day simple moving average is $197.33.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, topping 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 business had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. During the same quarter last year, the business posted $0.96 EPS. The firm’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, analysts expect that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

Hedge Funds Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently modified their holdings of ONTO. Quarry LP boosted its stake in Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after buying 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 purchasing an additional 108 shares in the last quarter. LGT Financial Advisors LLC grew its holdings in shares of Onto Innovation by 58.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 90 shares during the last quarter. Fifth Third Bancorp increased its position in Onto Innovation by 40.2% during the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after purchasing an additional 84 shares in the last quarter. Finally, Eastern Bank bought a new position in Onto Innovation in the 3rd quarter valued at approximately $65,000. Institutional investors own 98.35% of the company’s stock.

About Onto Innovation

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.