Onto Innovation (NYSE:ONTO) Raised to “Strong-Buy” at Freedom Capital

Onto Innovation (NYSE:ONTO) was upgraded by equities researchers at Freedom Capital to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

ONTO has been the topic of a number of other research reports. Jefferies Financial Group reaffirmed a “buy” rating and set a $350.00 target price on shares of Onto Innovation in a report on Wednesday, May 6th. Cantor Fitzgerald increased their target price on Onto Innovation from $275.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, April 6th. Weiss Ratings raised Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, April 27th. Stifel Nicolaus set a $350.00 target price on Onto Innovation and gave the stock a “buy” rating in a report on Friday, April 17th. Finally, Morgan Stanley initiated coverage on Onto Innovation in a report on Sunday. They set an “overweight” rating and a $371.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $320.60.

Onto Innovation Stock Up 1.0%

Shares of NYSE ONTO opened at $319.19 on Wednesday. Onto Innovation has a fifty-two week low of $89.40 and a fifty-two week high of $348.76. The business has a 50 day moving average price of $276.96 and a two-hundred day moving average price of $222.27. The firm has a market cap of $15.88 billion, a PE ratio of 149.16, a price-to-earnings-growth ratio of 1.29 and a beta of 1.62.

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

Institutional Trading of Onto Innovation

Hedge funds have recently made changes to their positions in the stock. Millstone Evans Group LLC lifted its holdings in shares of Onto Innovation by 147.8% in the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock worth $34,000 after purchasing an additional 99 shares during the last quarter. Transamerica Financial Advisors LLC lifted its holdings in shares of Onto Innovation by 188.5% in the 4th quarter. Transamerica Financial Advisors LLC now owns 176 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 115 shares during the last quarter. Root Financial Partners LLC lifted its holdings in shares of Onto Innovation by 71.2% in the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 74 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Onto Innovation by 109.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 245 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 128 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Onto Innovation in the 4th quarter worth approximately $39,000. Institutional investors own 98.35% of the company’s stock.

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.