Onto Innovation (NYSE:ONTO) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Onto Innovation (NYSE:ONTO) had its price objective hoisted by equities research analysts at Needham & Company LLC from $320.00 to $330.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 8.28% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. B. Riley Financial increased their price objective on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Stifel Nicolaus set a $350.00 price objective on shares of Onto Innovation and gave the stock a “buy” rating in a research note on Friday, April 17th. Weiss Ratings upgraded shares of Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Evercore reiterated an “outperform” rating and set a $315.00 price objective on shares of Onto Innovation in a research note on Friday, April 17th. Finally, Cantor Fitzgerald increased their price objective on shares of Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $301.88.

Onto Innovation Stock Up 1.7%

Shares of Onto Innovation stock opened at $304.76 on Wednesday. The company has a market capitalization of $15.16 billion, a price-to-earnings ratio of 110.02, a PEG ratio of 1.48 and a beta of 1.70. Onto Innovation has a 12-month low of $85.88 and a 12-month high of $316.00. The firm’s 50-day moving average price is $232.32 and its two-hundred day moving average price is $190.71.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. The firm had revenue of $291.95 million for the quarter, compared to the consensus estimate of $292.00 million. Onto Innovation had a net margin of 13.60% and a return on equity of 12.20%. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.51 earnings per share. On average, sell-side analysts expect that Onto Innovation will post 6.72 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ONTO. Wellington Management Group LLP raised its holdings in Onto Innovation by 1,217.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock valued at $180,778,000 after buying an additional 1,292,772 shares during the last quarter. William Blair Investment Management LLC raised its holdings in Onto Innovation by 80.3% in the 3rd quarter. William Blair Investment Management LLC now owns 1,981,761 shares of the semiconductor company’s stock valued at $256,083,000 after buying an additional 882,901 shares during the last quarter. Norges Bank bought a new position in Onto Innovation in the 4th quarter valued at approximately $104,938,000. Jennison Associates LLC raised its holdings in Onto Innovation by 1,293.5% in the 4th quarter. Jennison Associates LLC now owns 680,822 shares of the semiconductor company’s stock valued at $107,475,000 after buying an additional 631,965 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in Onto Innovation by 315.8% in the 4th quarter. AQR Capital Management LLC now owns 615,651 shares of the semiconductor company’s stock valued at $97,187,000 after buying an additional 467,587 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

About Onto Innovation

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.