Analysts Set Onto Innovation Inc. (NYSE:ONTO) PT at $339.60

Shares of Onto Innovation Inc. (NYSE:ONTO) have earned a consensus recommendation of “Buy” from the thirteen brokerages that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $339.60.

A number of research analysts have recently commented on the stock. Freedom Capital upgraded shares of Onto Innovation to a “strong-buy” rating in a research report on Wednesday, June 17th. Jefferies Financial Group reiterated a “buy” rating and issued a $350.00 price objective on shares of Onto Innovation in a research report on Wednesday, May 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Onto Innovation in a research note on Friday, July 24th. Needham & Company LLC boosted their target price on Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Cantor Fitzgerald upped their target price on Onto Innovation from $350.00 to $410.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Oppenheimer Asset Management Inc. bought a new stake in Onto Innovation during the second quarter valued at approximately $570,000. Dockside LLC bought a new stake in shares of Onto Innovation during the 2nd quarter worth $1,823,000. Handelsbanken Fonder AB grew its position in Onto Innovation by 13.0% in the second quarter. Handelsbanken Fonder AB now owns 16,500 shares of the semiconductor company’s stock worth $6,244,000 after acquiring an additional 1,900 shares in the last quarter. Arista Wealth Management LLC bought a new position in Onto Innovation in the second quarter valued at $378,000. Finally, Everhart Financial Group Inc. purchased a new stake in Onto Innovation during the second quarter valued at about $256,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Trading Up 7.5%

Shares of Onto Innovation stock opened at $288.64 on Friday. Onto Innovation has a 12-month low of $89.40 and a 12-month high of $386.46. The company has a market cap of $14.36 billion, a price-to-earnings ratio of 134.88, a PEG ratio of 1.10 and a beta of 1.59. The company’s 50-day moving average price is $295.61 and its 200-day moving average price is $254.91.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The company had revenue of $291.95 million during the quarter, compared to analysts’ expectations of $292.00 million. During the same quarter in the previous year, the company earned $1.51 earnings per share. Onto Innovation’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, sell-side analysts predict that Onto Innovation will post 7.14 earnings per share for the current year.

Onto Innovation Company Profile

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.