Onto Innovation (NYSE:ONTO) Sees Large Volume Increase – Time to Buy?

Shares of Onto Innovation Inc. (NYSE:ONTO) saw unusually-strong trading volume on Tuesday . Approximately 2,346,401 shares traded hands during mid-day trading, an increase of 151% from the previous session’s volume of 935,958 shares.The stock last traded at $240.0550 and had previously closed at $254.53.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ONTO shares. Jefferies Financial Group reiterated a “buy” rating and issued a $350.00 target price on shares of Onto Innovation in a research note on Wednesday, May 6th. B. Riley Financial lifted their price objective on shares of Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a research note on Monday, April 13th. Evercore restated an “outperform” rating and set a $315.00 price objective on shares of Onto Innovation in a research note on Friday, April 17th. Stifel Nicolaus set a $350.00 price objective on shares of Onto Innovation and gave the company a “buy” rating in a research note on Friday, April 17th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $310.63.

Onto Innovation Stock Up 6.1%

The business’s 50 day moving average is $246.60 and its two-hundred day moving average is $201.55. The firm has a market capitalization of $13.09 billion, a P/E ratio of 122.97, a PEG ratio of 1.21 and a beta of 1.70.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 EPS for the quarter, topping 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 firm had revenue of $291.95 million for the quarter, compared to analysts’ expectations of $292.00 million. During the same period in the previous year, the business earned $1.51 earnings per share. Onto Innovation’s revenue for the quarter was up 9.5% compared to the same quarter last year. As a group, equities analysts anticipate that Onto Innovation Inc. will post 6.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Onto Innovation

Several hedge funds and other institutional investors have recently bought and sold shares of ONTO. Wellington Management Group LLP raised its position in Onto Innovation by 1,217.0% in the third quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock worth $180,778,000 after acquiring an additional 1,292,772 shares in the last quarter. William Blair Investment Management LLC raised its position in Onto Innovation by 80.3% in the third quarter. William Blair Investment Management LLC now owns 1,981,761 shares of the semiconductor company’s stock worth $256,083,000 after acquiring an additional 882,901 shares in the last quarter. Norges Bank bought a new stake in Onto Innovation in the fourth quarter worth about $104,938,000. Jennison Associates LLC increased its stake 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 worth $107,475,000 after purchasing an additional 631,965 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake 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 worth $97,187,000 after purchasing an additional 467,587 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

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.