Benchmark Reiterates “Buy” Rating for Onto Innovation (NYSE:ONTO)

Benchmark restated their buy rating on shares of Onto Innovation (NYSE:ONTO) in a research report report published on Friday morning, Benzinga reports. Benchmark currently has a $230.00 target price on the semiconductor company’s stock.

ONTO has been the subject of a number of other research reports. Oppenheimer upped their price target on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Friday. Needham & Company LLC decreased their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research report on Friday. Finally, Stifel Nicolaus increased their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $254.29.

Onto Innovation Price Performance

Shares of Onto Innovation stock traded down $22.23 on Friday, hitting $176.10. The company had a trading volume of 1,839,738 shares, compared to its average volume of 568,196. The stock has a 50-day moving average of $202.50 and a 200-day moving average of $206.56. Onto Innovation has a twelve month low of $115.07 and a twelve month high of $238.93. The firm has a market capitalization of $8.70 billion, a P/E ratio of 52.52, a P/E/G ratio of 1.33 and a beta of 1.36.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The firm had revenue of $252.20 million during the quarter, compared to analyst estimates of $250.85 million. During the same period in the prior year, the business earned $0.96 EPS. The company’s revenue for the quarter was up 21.7% compared to the same quarter last year. Equities analysts predict that Onto Innovation will post 5.18 EPS for the current year.

Insider Transactions at Onto Innovation

In related news, SVP Srinivas Vedula sold 1,275 shares of Onto Innovation stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total transaction of $264,231.00. Following the completion of the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Institutional Trading of Onto Innovation

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vaughan Nelson Investment Management L.P. lifted its position in Onto Innovation by 24.6% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 202,425 shares of the semiconductor company’s stock worth $44,444,000 after purchasing an additional 39,955 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in Onto Innovation by 98.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,547 shares of the semiconductor company’s stock worth $1,218,000 after purchasing an additional 2,753 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Onto Innovation by 17.8% in the 1st quarter. Nordea Investment Management AB now owns 102,103 shares of the semiconductor company’s stock valued at $18,586,000 after purchasing an additional 15,451 shares in the last quarter. Public Employees Retirement Association of Colorado increased its stake in shares of Onto Innovation by 45.7% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 105,267 shares of the semiconductor company’s stock valued at $23,112,000 after purchasing an additional 33,025 shares during the last quarter. Finally, Norden Group LLC acquired a new stake in Onto Innovation in the first quarter valued at about $654,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

About Onto Innovation

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.