Onto Innovation (NYSE:ONTO) Hits New 12-Month High – Still a Buy?

Onto Innovation Inc. (NYSE:ONTO)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $355.00 and last traded at $356.9890, with a volume of 14295 shares trading hands. The stock had previously closed at $351.45.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on ONTO shares. Zacks Research lowered Onto Innovation from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Deutsche Bank Aktiengesellschaft assumed coverage on Onto Innovation in a research note on Friday, June 5th. They issued a “buy” rating and a $350.00 target price for the company. Weiss Ratings raised Onto Innovation from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Evercore reiterated an “outperform” rating and set a $315.00 price target on shares of Onto Innovation in a research note on Friday, April 17th. Finally, Stifel Nicolaus set a $350.00 price objective on Onto Innovation and gave the company a “buy” rating in a report on Friday, April 17th. One equities research 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 company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $339.60.

Onto Innovation Stock Down 7.2%

The company has a market capitalization of $17.46 billion, a price-to-earnings ratio of 164.03, a P/E/G ratio of 1.54 and a beta of 1.54. The business’s 50-day moving average is $293.18 and its 200-day moving average is $235.17.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its position in shares of Onto Innovation by 16.5% in the first quarter. Parallel Advisors LLC now owns 395 shares of the semiconductor company’s stock worth $81,000 after acquiring an additional 56 shares during the period. Kestra Advisory Services LLC grew its holdings in Onto Innovation by 4.9% in the first quarter. Kestra Advisory Services LLC now owns 1,368 shares of the semiconductor company’s stock valued at $281,000 after purchasing an additional 64 shares during the period. Root Financial Partners LLC lifted its position in shares of Onto Innovation by 71.2% during the 4th quarter. Root Financial Partners LLC now owns 178 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 74 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Onto Innovation by 8.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,165 shares of the semiconductor company’s stock valued at $186,000 after buying an additional 92 shares in the last quarter. Finally, Millstone Evans Group LLC grew its stake in Onto Innovation by 147.8% in the 1st quarter. Millstone Evans Group LLC now owns 166 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 99 shares during the period. Hedge funds and other 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.